Singapore-based Cleantech Solar, a leading commercial and industrial focused solar PV (photovoltaic) developer with operations across Asia, has secured a USD 75 million green loan from ING Bank NV, Singapore Branch (ING). This is the largest green loan in the Asia Pacific to date in the commercial and industrial (C&I) renewables sector.
Cleantech Solar has been selected for numerous solar power plants across India, Cambodia, Malaysia, Thailand, the Philippines, Vietnam and Singapore. These projects are at various stages of operations, construction and development. The financing from ING will support the funding required to deliver Cleantech Solar’s strategy of building over 500MW of solar power projects and providing renewable energy to a host of multinational corporates in the South East Asian region.
According to the International Energy Authority, the demand for electricity in South East Asia is expected to see an average growth rate of 6% annually with renewable energy meeting just around 15% of the demand.
Jasmine Choo, Cleantech Solar’s chief operating officer, says the transaction with ING will enable the company to speed up its portfolio expansion to benefit even more customers with a compelling solution for their clean energy needs. From 2019 to the year-to-date, ING’s value of sustainability-linked loans issued has totaled USD 7.3 billion, according to data from Bloomberg.
(Sources: Cleantech Solar; ING)