Commercial and industrial-focused solar PV developer, Cleantech Solar announced that it has secured a $75 million green loans from ING Bank, N.V. Singapore Branch yesterday.
Considered as Asia-Pacific’s largest green loan to date for commercial and industrial rooftop solar projects, the proceed of the fund will help expand Cleantech Solar’s footprint in Southeast Asia.
“During these extraordinary times, we are extremely proud that our team and ING were able to partner together to secure this financing,” said Raju Shukla, Cleantech Solar’s Founder and Executive Chairman. “Over the years, we have delivered reliable and high-quality solar solutions that improve the bottom line for customers while contributing to protecting the environment.”
The latest deal is expected to help Cleantech Solar accelerate the company portfolio expansion in the region. The financing from ING will be particularly useful to deliver the company’s plan of building over 500MW of solar power projects. The deal also adds to ING’s robust portfolio of renewables transactions that have also achieved a number of “firsts” in the region.
"We’re delighted to be able to support Cleantech Solar, which counts numerous RE100 members in its customer base," said Krista Baetens, ING’s Head of Wholesale Banking Asia. "This loan is also aligned with the global Green Loan Principles. We are optimistic that our partnership will contribute to a greener impact within the region and beyond.”
As per 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.