Cleantech Solar and ING ink Asia Pacific’s largest green loan for commercial and industrial rooftop solar projects
Posted: 24th June 2020 09:46
Cleantech Solar, one of the largest commercial and industrial (C&I) focused solar PV developers in Asia, has secured a US$75 million green loan from ING Bank N.V., Singapore Branch (ING). ING was the sole Mandated Lead Arranger and Green Structuring Advisor. This is the largest green loan in Asia Pacific to date in the commercial and industrial renewables sector.
- Proceeds will fund Singapore headquartered Cleantech Solar’s expansion across Southeast Asia
- Green loan adds to ING’s robust portfolio of renewables transactions
This financing from ING will support the funding required to deliver Cleantech’s strategy of building over 500MW 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.
“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 Lead for Renewables and Power Asia Pacific.
Raju Shukla, Cleantech Solar’s Founder and Executive Chairmansaid: “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.”
This deal adds to ING’s robust portfolio of renewables transactions that have also achieved a number of “firsts” in the region. Guided by ING’s Terra Approach, the green loan is also in line with ING’s commitment to the RE100 initiative1. Krista Baetens, ING’s Head of Wholesale Banking Asia Pacific, said: “We’re delighted to be able to support Cleantech Solar, which counts numerous RE100 members in its customer base. 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.”