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Synergy Efficiency Solutions agreement promises reduced emissions, costs for Sheraton Mustika, Yogyakarta

Initial investment by Clime Capital enables innovative long-term agreements
limiting environmental impacts of hotel’s cooling systems

Project demonstrates the operationalisation of Artificial Intelligence insights
into business energy efficiency requirements

Singapore and Jakarta – 3 June 2024: Clime Capital, the Singapore-based fund manager focused on accelerating the low carbon transition, and Synergy Efficiency Solutions (SES), Indonesia’s leading energy efficiency company, today announced the completion of a first-of-its-kind in Indonesia energy efficiency project contracted under an innovative Cooling-as-a-Service (CaaS) model.

Similar to a water company metering and selling water to its clients, under the CaaS contract SES will sell units of cooling (measured as TRh) and charge based on actual cooling consumption. The project is targeted to reduce expenditure on energy for cooling by as much as 45% and mitigate 20,000 tons of CO2 over the equipment’s lifetime.

As part of the CaaS agreement, SES provided a turn-key solution covering all up-front capital and managed all aspects of the design and installation for the new high-efficiency centralised cooling system for the project’s client – the five-star Sheraton Mustika Hotel located in Yogyakarta, Indonesia. The project is based on an initial Investment Grade Energy Audit conducted by SES and implemented using AI software to optimise the chiller plant's operation, maximising efficiency. Over the duration of the contract, SES will operate the chiller plant and bear all associated operational costs, including electricity, consumables, maintenance and spare parts.

Clime Capital, a blended-finance fund manager specialising in financial solutions for early-stage

clean-energy projects in Southeast Asia, provided funding for SES's initial audit and set-up costs.

“We are delighted that SES has put in place this pioneering cooling agreement, which promises to lock in predictable and significant energy-saving benefits for the hotel, its customers, and staff,” said Joshua Kramer, Chief Investment Officer at Clime Capital. “Energy efficiency is often overlooked as an effective and immediate route to emissions reductions – SES is demonstrating how to invest in impactful climate solutions while removing the risk and project complexity from the client’s purview.”

“SES has provided energy efficiency consulting services in Indonesia for many years to help clients better understand and reduce their energy costs,” said Steve Piro, Chief Executive Officer at SES. “As SES’s scope of responsibility as a consultant is often limited, project savings are not always maximised. This project demonstrates that when SES manages the project from end to end – design and delivery to operation and maintenance – it enables maximum savings for the client.”

“Air conditioning is critical to business success in the hot and humid climates of Southeast Asia,

particularly in the hospitality sector where customer comfort is a priority,” said Cowan Finch,

Director at SES. “But it is also emissions-intensive and expensive, meaning companies need to find innovative ways of implementing energy efficiency initiatives while providing optimal levels of end-user experience. We believe our Cooling-as-a-Service offering satisfies both these needs as a simple, turn-key solution for clients.”

“Southeast Asia is one of the world’s most vulnerable areas to the impacts of climate change and Clime Capital is committed to helping businesses and communities reach net zero emissions,” said Mason Wallick, Chief Executive Officer of Clime Capital. “Employing smart energy efficiency solutions cost-efficiently can help address this need while delivering positive financial outcomes for all parties involved. SES has developed a robust revenue model that can potentially attract follow-on debt and equity investments, playing a dynamic role in accelerating the low carbon transition."

SES has a strong track record of implementing innovative energy efficiency business models in Indonesia. It was the first Energy Services Company (ESCO) to implement a multi-scope Energy Savings Performance Contract (ESPC) in Indonesia, when SES provided all upfront capital for an ESPC with Adi Husada Hospital in Surabaya between 2015 and 2020, with SES and the client sharing the financial savings from the project throughout the period.

The project involved a complete retrofit of the hot water, steam, cooling, building envelope, lighting, and monitoring systems, cutting the hospital’s energy costs by a staggering 38%. With SES covering all project CAPEX, the hospital was not only able to enjoy a reduced energy bill and greater comfort in the form of improved hot water and cooling systems, but was also able to reallocate a large amount of annual CAPEX away from fixing assets such as boilers and air conditioners and invest it in purchasing new medical equipment to support the local community.

For more information, please contact:

Jeremy Hughes

Smart Word Pte. Ltd.

T +61 (0) 468 992 481

Steve Piro

Synergy Efficiency Solutions

T +62 813 3746 8531

Mason Wallick

Clime Capital Pte. Ltd.

T +65 9457 5310

About Synergy Efficiency Solutions

Synergy Efficiency Solutions (SES) is an energy efficiency company providing world-class energy solutions for clients in Southeast Asia. By combining expert energy engineers with innovative technologies and concepts, SES is driving the energy efficiency market in the region and delivering commercial and industrial businesses with cost savings and reduced emissions. SES improves the efficiency of clients’ facilities by redesigning and replacing energy consuming equipment and processes, providing effective cost and carbon savings opportunities. SES assists in implementing the savings solutions by minimising investment costs for clients, through capex-free energy performance contract (EPC) models. SES also assists clients in designing new buildings using its building performance simulation technology to ensure they are sustainable and high performing. SES’s work with hotels, hospitals, malls, factories, power plants and government agencies, demonstrates that investment in energy efficiency provides both short-term and long-term gains, benefiting the environment and boosting clients’ bottom line for years. Find out more at

About Clime Capital

Clime Capital Management Pte. Ltd. (Clime Capital) is a Singapore-headquartered fund management company registered with the Monetary Authority of Singapore. Clime Capital is the manager of SEACEF I and SEACEF II. The Clime Capital team comprises 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. Clime Capital has an on-the-ground presence in Vietnam, India, Indonesia, the Philippines, and Singapore.


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