People
10.2k people are anticipated to benefit from improvements in quality of access to energy in the Philippines.
| Investee Company | August Energy JV |
| Sector | Power / Energy |
| Region | Philippines, Viet Nam, Thailand |
| Total Project Cost | USD 100m |
| PIDG Commitment |
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| Dates of PIDG involvement |
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There is a growing demand to decarbonise and decrease energy costs in the commercial and industrial (C&I) sector – especially in the Philippines, where there is the highest electricity tariffs among the ASEAN countries. Energy as a Service (EaaS) allows C&I customers to outsource investment and operations of core utilities to EaaS platforms allowing costs reduction and emissions abetment. There are few players in the market who can deliver EaaS for C&I at scale, contributing to the energy savings targets of both the Philippines and Viet Nam.
PIDG co-invested in a platform with August Energy to develop a portfolio of projects for commercial and industrial customers through energy-as-a-service (EaaS). The platform is expected to add c.135MW of new installed capacity in Southeast Asia over the next three years. In this time, the platform is anticipated to mobilise up to USD 100 million in blended capital (public and private sector) through partnerships with local developers and lenders. Both partners view this as a scalable, long-term collaboration with the opportunity to commit additional capital as demand for EaaS solutions continues to rise across the region.
10.2k people are anticipated to benefit from improvements in quality of access to energy in the Philippines.
Sun Mobility’s expansion into Africa and SEA will specifically target an area of the e-mobility supply chain that is under-developed and would be a key enabler to the adoption of more EVs.
Cost savings will range between 12% to 50% compared to grid tariffs/price for solar projects. For cooling and power, modelled estimate suggest a 34% saving on energy costs.
The platform will work to enhance customers, partners and investors’ understanding and buy-in to outsourcing the core energy utilities (e.g. cooling and solar). By achieving sufficient scale the project can have a meaningful effect on the market efficiency; adding to the number of EaaS business offerings available.
