Cleantech Solar, a leading commercial and industrial (C&I) focused solar PV developer in Asia, has secured USD75 million green loan from ING Bank N.V. (ING). ING was the sole mandated lead arranger and green structuring advisor of the deal. Cleantech Solar will use the proceeds to finance expansion across Southeast Asia. The loan will also support Cleantech Solar’s plan to develop over 500 MW of solar power projects. These solar projects will benefit local and multinational corporates across Southeast Asia with reliable and long-term cost saving clean energy solutions.
Commenting on the new development, Raju Shukla, founder and executive chairman, Cleantech Solar said, “During these extraordinary times, we are extremely proud that our team and ING were able to partner together to secure this financing.” This deal adds to ING’s renewables portfolio. The green loan is also in line with ING’s commitment to the RE100 initiative. Krista Baetens, ING’s Head of Wholesale Banking Asia, said, “We are 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.”
Cleantech Solar is headquartered in Singapore, and has Shell and Climate Fund Managers as its strategic investors.