SEACEF invests in Indonesia energy efficiency provider

Fresh capital will enable SES to build out energy savings solutions for businesses


Singapore, Jakarta – 24 December 2021: Clime Capital, the Singapore-based investment management company focusing on accelerating the low carbon transition in Southeast Asia, today announced that the Southeast Asia Clean Energy Facility (SEACEF) has committed development funding to Synergy Efficiency Solutions (SES), a leading energy efficiency company in Indonesia.


SEACEF’s investment in SES is a pioneering contribution to the energy efficiency market in Indonesia and is the fund’s first investment in the energy efficiency sector. The investment will support the capability of SES – a first mover in the energy efficiency market in Indonesia – to implement shared savings energy efficiency projects in Indonesia. SES designs and implements energy efficiency solutions for commercial and industrial customers, helping Indonesian businesses achieve significant cost savings through high-value energy savings opportunities.


Achieving the energy transition in Indonesia will not be possible without scaling up energy efficiency pioneers like SES. Based on current energy usage trends, without investment in energy efficiency, Indonesia’s heavily fossil fuel-reliant energy demand would double by 2035. For Indonesia’s national power utility, PLN, demand growth from commercial and industrial consumers is significant: sales to commercial and industrial customers accounted for overall half of PLN’s electricity sales in 2019.


The SEACEF investment in SES includes the participation of co-investor New Energy Nexus Indonesia through its Indonesia 1 Fund, which is focusing on supporting early-stage renewable energy startups and companies in Indonesia. SES is also a participant in New Energy Nexus Indonesia’s “Smart Energy Incubation and Acceleration” program.


Mason Wallick, CEO at Clime Capital, said: “Accelerating energy efficiency solutions deployment in the commercial and industrial sectors is crucial for Indonesia as it moves toward achieving its ambitious decarbonisation goals while promoting economic growth. As Southeast Asia’s largest energy consumer, Indonesia is an attractive market for energy efficiency, and we aim to scale up there. We believe Indonesia has the potential for exponential growth in the energy efficiency sector with few regulatory barriers.”


Steven Piro, CEO at SES, said, “SEACEF’s investment provides pivotal support to SES as we build on our success as a leading energy efficiency services provider. By re-engineering existing systems and installing modern, proven technologies, we empower businesses to optimise their operations. We are excited to empower Indonesian businesses to save money while also minimising their carbon footprint.”


Joshua Kramer, Chief Investment Officer at Clime Capital, said: “Even as the Covid-19 pandemic presents significant challenges for Indonesian businesses, energy efficiency presents clear opportunities to save costs while reducing emissions and addressing Indonesia’s rapidly growing energy needs. Energy efficiency requires a quarter to a half of the investment needed to pay for otherwise vital energy supply.”[1]


Yeni Tjiunardi, Investment Director at New Energy Nexus Indonesia, said: “There’s enormous potential for energy efficiency as part of Indonesia’s necessary transition to clean energy, yet it is still a nascent sector. We are pleased to be able to support SES contribution to Indonesia’s clean energy transition with this co-investment.”


In addition to the SES investment, SEACEF has closed five investments in Indonesia, Vietnam, and the Philippines since the fund’s launch in June 2020. SEACEF is backed by leading international climate foundations and investors.



For more information, please contact:


Jeremy Hughes

Smart Word Pte. Ltd.

T +61 (0) 468 992 481

E jeremy@smartwordgroup.com

Mason Wallick

Clime Capital Pte. Ltd.

T +65 9457 5310

E mason.wallick@climecap.com



About SEACEF

SEACEF provides catalytic funding to address climate change by reducing and removing many of the key early-stage barriers that stall or prevent successful clean energy projects and businesses. By placing development risk capital into innovative, high-impact clean energy opportunities, SEACEF is focused on the funding and scaling of globally proven technologies and business models such as solar, wind, and energy storage (on-grid and behind the meter), plus other business models that accelerate the low carbon transition – such as electric mobility, demand side management technology, energy efficiency and clean energy transmission infrastructure.


About Clime Capital

Clime Capital Management Pte. Ltd. (Clime Capital) is a Singapore-headquartered fund management company registered with the Monetary Authority of Singapore. The Clime Capital team consists of senior professionals with deep Southeast Asian market experience in clean energy investments and developments. The team brings a diversified skill set in early-stage project funding and development, investment and portfolio management, project finance, design and engineering, operations, and environmental safeguards. The SEACEF investments team has an on-the-ground presence in Vietnam, Indonesia, the Philippines, and Singapore.


About New Energy Nexus:

New Energy Nexus is an international organization that strives towards an abundant world with a 100% clean energy economy for 100% of the population in the shortest time possible. To achieve this goal, we support diverse clean energy entrepreneurs with funds, accelerators and networks. We started in California and now operate programs in China, India, Indonesia, Nigeria, the Philippines, Singapore, Thailand, Vietnam, Uganda and the USA.


[1]https://openknowledge.worldbank.org/bitstream/handle/10986/6349/425290PUB0ISBN11OFFICIAL0USE0ONLY10.pdf?sequence=1&isAllowed=y