Cleantech Solar Inks APAC’s Largest Green Deal for Rooftop PV Projects

Cleantech Solar has secured a USD 75 million green loan from ING Bank, Singapore Branch, the largest deal in the APAC to date in the C&I renewables sector.

Singapore-based Cleantech Solar, one of the largest commercial and industrial (C&I) focused solar PV developers in Asia, has secured a USD 75 million green loan deal from ING Bank, Singapore Branch. This is the largest green loan in the Asia Pacific (APAC) to date in the C&I renewables sector, with the proceeds used to finance Cleantech Solar’s expansion across Southeast Asia.

 ING was the sole Mandated Lead Arranger and Green Structuring Advisor. 

“We consider the Cleantech Solar team to be best-in-class, in a C&I sector that has experienced tremendous growth. 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,” said Adrian Lian, ING’s Asia Pacific Lead for Renewables and Power.

The company 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. This financing from ING will support the funding required to deliver the company’s strategy of building over 500 MW of solar power projects. These projects will benefit leading local and multinational corporates across Southeast Asia with reliable and long-term cost-saving clean energy solutions.

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.

Raju Shukla, Cleantech Solar’s Founder and Executive Chairman said “during these extraordinary times, we are extremely proud that our team and ING were able to partner together to secure this financing. 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.”

Nathan Schmidt, Regional Head Asia at Climate Fund Managers, noted that the deal will expand Cleantech Solar’s ability to attract new clients seeking localised clean energy solutions in pursuit of its wider ambitions of remaining a leading Pan-Asian C&I player.