Joint Venture: BII and Idemitsu Back Skye Renewables for 300 MW Solar Capacity in South-East Asia, Aiming to Offset 270,000 Tonnes of CO2 Annually

In a strategic move towards bolstering renewable energy initiatives in South-East Asia, British International Investment (BII) and Idemitsu Kosan (IKC) have announced a collaborative investment in Skye Renewables Energy Pte Ltd. The venture aims to support the development of greenfield solar projects and foster the region’s transition towards sustainable energy sources.

South-East Asia, characterized by a rising demand for power coupled with a heavy reliance on fossil fuels, presents a ripe opportunity for the expansion of renewable energy ventures. Skye, established in 2022, specializes in developing solar projects and supplying off-grid clean energy to commercial and industrial (C&I) consumers across the region, including the Philippines, Vietnam, Singapore, and Malaysia, through long-term power purchase agreements.

The commercial and industrial sector constitutes a significant portion of energy demand in South-East Asia, making solar power provision to C&I businesses an attractive avenue for meeting the region’s growing energy needs sustainably. Supportive policies from governments aim to accelerate the adoption of clean energy solutions in this sector and drive the overall energy transition across the region.

With a combined expertise in the renewable energy sector, BII and IKC’s investment endeavors seek to propel Skye into a leading regional renewable energy platform with a solar capacity exceeding 300MW in the near future. As Skye expands its footprint, the anticipated solar projects are projected to mitigate approximately 270,000 tonnes of CO2e annually, equivalent to the emissions produced by over 47,000 homes’ electricity consumption in a year.

Commenting on the collaboration, Kara Owen, British High Commissioner to Singapore, emphasized the importance of such partnerships in advancing sustainable infrastructure and investment goals, as outlined in the UK-Singapore Strategic Partnership and Green Economy Framework. Owen highlighted the pivotal role of BII in facilitating sustainable development and expressed enthusiasm for their inaugural direct equity investment in South-East Asia.

Srini Nagarajan, Managing Director and Head of Asia at BII, underscored the significance of the investment in driving climate finance in the region and reiterated the organization’s commitment to supporting renewable energy capacity and decarbonisation efforts.

Hiroshi Yoshida, General Manager of Power & Renewables Business Department at IKC, echoed similar sentiments, citing the synergistic potential of the collaboration to further accelerate Skye’s growth trajectory and contribute towards a decarbonised society.

Founder of Skye Renewables, Ross Coull, expressed delight at BII’s decision to invest in the company, recognizing the immense value their experience in the renewable energy sector brings to the partnership.

The investment in Skye Renewables aligns with UN Sustainable Development Goals (SDGs) 7 and 13, focusing on Affordable and Clean Energy and Climate Action, respectively.