Global sustainable infrastructure investor Actis has acquired Barghest Building Performance (bbp), a KKR-backed energy-efficiency solutions provider for HVAC systems across Asia, for an undisclosed amount.
The acquisition is part of Actis’s Asia Climate Transition strategy, which targets investments in platforms that support carbon reduction, according to an announcement.
Headquartered in Singapore, bbp delivers Energy-Savings-as-a-Service (ESaaS) to industrial and commercial clients by optimising existing heating, ventilation, and air-conditioning infrastructure.
The company uses a combination of patented software, sensors, controllers, and AI tools to help clients reduce energy consumption by up to 40%, per the announcement.
bbp’s platform has been deployed across over 400,000 refrigeration tonnes of cooling systems in nine Asian markets. Its customers include three of the world’s top 10 semiconductor manufacturers, Fortune 500 companies, and several of Asia’s largest commercial real estate firms.
bbp’s Top Shareholders
Asanka Rodrigo, partner for Energy Infrastructure at Actis, said cooling systems are known to be energy-intensive, and bbp’s Energy-Savings-as-a-Service model is seen as an important tool in helping businesses lower both costs and carbon emissions.
“Energy efficiency is key to decarbonisation, and we are delighted to be acquiring an innovative leader in this field with bbp. We believe it has a bright future ahead of it,” Rodrigo said.
Boon Chye Hoe, bbp’s CEO, will remain in his role and continue to lead the 120-person team, per the announcement.
bbp is expected to benefit from tightening regulatory standards, such as Singapore’s Minimum Energy Efficiency Standards for chilled water systems, which come into force for key industries by 2025 and 2029.
The acquisition comes as Actis continues to see growing energy and digital infrastructure opportunities in Asia as top executives note the growing appetite among institutional asset allocators for climate transition-related infrastructure.
Headquartered in London, Actis has been an active investor in global infrastructure assets for more than two decades, building and operating critical infrastructure across telecommunications and data centres, energy generation and transmission, and real estate.
The firm has since emerged as one of the world’s largest energy transition investors, having committed $9 billion through its five energy funds to more than 185 projects globally. Its Actis Energy 5 vehicle closed in 2021 with $6 billion.
In October 2024, Actis was acquired by General Atlantic and effectively became the private equity firm’s sustainable infrastructure arm.
