Singapore based company Cleantech Solar has secured a US$75 million green loan from ING Bank N.V., Singapore Branch earlier this month. ING was the Mandated Lead Arranger and Green Structuring Advisor.

The green loan is the largest in Asia Pacific till date in the C&I renewables sector. The Green loan adds to ING’s portfolio of renewables transactions. The proceeds will be used to finance its Solar expansion across Southeast Asia.

Cleantech Solar, headquartered in Singapore, is one of the largest C&I focused solar PV developers in Asia. Its strategic investors include Shell and Climate Fund Managers. The funds raised will be used for the company’s strategy to building more than 500MW of solar power projects. The projects are said to hugely benefit the local and multinational corporates all over Southeast Asia. Cleantech is set to provide reliable and long-term cost saving clean energy solutions.

Cleantech Solar was co-founded by Raju Shukla (Chairman), Robert Morice (Board Member), Dr. Holger Eick (Board Member) and Andrew Jones (Board Director) in 2015.  It focuses on installing superior quality rooftop photovoltaic solar projects with zero government subsidies for fortune 100 and Tier 1 companies.

The International Energy Authority recently said that the demand for electricity in Southeast Asia is expected to grow at the rate of 6% annually with renewable energy meeting around 15% of the demand only. Having seen tremendous growth in Cleantech Solar, ING decided to combine Cleantech’s strength with ING’s renewable expertise to support businesses across Asia.

One of the founders, Raju Shukla said, “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.”

 

Singapore based company Cleantech Solar secures US$75 million green loan