Cleantech Solar has secured a US$75 million green loan from ING Bank N.V., Singapore Branch (ING)—the sole Mandated Lead Arranger and Green Structuring Advisor. This is the largest green loan in Asia Pacific to date in the C&I renewables sector, with the proceeds used to finance Cleantech Solar’s expansion across Southeast Asia.
According to the International Energy Authority, the demand for electricity in Southeast Asia is expected to see an average growth rate of six percent annually with renewable energy meeting just around 15 percent of the demand.
This financing from ING will support the funding required to deliver the company’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.
“The transaction with ING underscores our strong portfolio and ability to deliver highly-competitive solutions to corporates across Asia. This will enable us to accelerate our portfolio expansion in the region to benefit even more customers with a compelling solution for their clean energy needs,” said Jasmine Choo, Cleantech Solar’s Chief Operating Officer.
Furthermore, this green loan is also in line with ING’s commitment to the RE100 initiative. 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.”
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