Cleantech Solar secures Asia Pacific’s largest ever C&I green loan

Share

Singapore-based pan-Asian solar developer Cleantech Solar has secured the Asia Pacific’s biggest ever green loan for commercial and industrial (C&I) rooftop solar projects after ING Bank approved US$75 million in financing. 

The International Energy Agency (IEA), Southeast Asia’s (SE Asia) electricity consumption will double by 2040; its 4% growth rate is twice as fast the rest of the world. Currently, the levels of investment in SE Asia are more than 50% lower than what would be required in the Sustainable Development Scenario. Thus, the IEA notes, the region is in critical need of private sources of investment. 

From its base in Singapore, Cleantech Solar has been spreading C&I solar investment and development throughout the region for the past five years, including installations in India, Cambodia, Malaysia, Thailand, the Philippines, Vietnam and Singapore. 

With key investors such as Shell, Climate Fund Managers, and now with significant financial support from ING, Cleantech Solar is honing in on its ambition to build over 500MW of solar power projects. SE Asia cried out for private investment, and investment comes running. 

ING’s Lead for Renewables and Power Asia Pacific, Adrian Lian, said that the international financier is “thrilled to have combined Cleantech Solar’s strengths with ING’s renewables expertise to arrange a specially structured solution to support their business.” 

Jasmine Choo, Cleantech Solar’s Chief Operating Officer, spoke to the resounding endorsement ING’s investment provides to Cleantech’s portfolio and C&I solar expertise. “This will enable us to accelerate our portfolio expansion in the region to benefit even more customers with a compelling solution for their clean energy needs,” Choo said. 

Green Finance

The Cleantech Solar loan is by no means ING’s first investment in renewables in SE Asia, nor, in fact, is it even ING’s first major investment in rooftop solar. In April 2019, ING sealed its first major green loan, S$50 million with Sunseap Group, with which Sunseap is using to develop approximately 50MW of rooftop solar. 

ING is a leader amongst global banks in green finance thanks to its Terra Approach, a scientific methodology which seeks to measure and benchmark whether its lending in each sector is adding up to contribute to climate resilience. The Terra Approach is designed to function within the loan markets Green Loan Principles

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.