Solar PV developer Cleantech Solar has secured a $75 million green loan from the Singapore branch of ING Bank N.V. in order to finance the company’s expansion across Southeast Asia.
Courtesy of Cleantech Solar
Headquartered in Singapore, Cleantech Solar, which has Shell and Climate Fund Managers as its strategic investors, has significantly ramped up its growth since the company was founded five years ago. The financing from ING will support the funding required to deliver the company’s strategy of building over 500 MW of solar power projects, delivering reliable and long-term cost saving clean energy solutions for leading local and multinational corporates across Southeast Asia.
ING was the sole Mandated Lead Arranger and Green Structuring Advisor. The loan is the largest green loan in Asia Pacific to date in the C&I renewables sector.
According to the International Energy Authority, the demand for electricity in Southeast Asia is expected to see an average growth rate of 6 percent annually with renewable energy meeting just around 15 percent of the demand.
“We consider the Cleantech Solar team to be best-in-class, in a C&I sector that has experienced tremendous growth” said Adrian Lian, ING’s Lead for Renewables and Power Asia Pacific. “A strong technical grounding and resolute customer focus have been instrumental to their success. ING is thrilled to have combined Cleantech Solar’s strengths with ING’s renewables expertise to arrange a specially structured solution to support their business”.