Cleantech Solar has secured a US$75 million green loan from Singapore branch of ING Bank N.V. The Singapore-headquartered developer—which captured a leading 20.42% share of India’s commercial and industrial open-access market in 2019—will use the amount to build over 500 MW of solar power projects for corporates across Southeast Asia.
In a statement released, the company said, “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 6% annually with renewable energy meeting just around 15% of the demand—the statement read.
Cleantech Solar, which has oil major Shell and Climate Fund Managers as its strategic investors, has significantly ramped up its growth since the company was founded five years ago. The company has done installations in India, Cambodia, Malaysia, Thailand, the Philippines, Vietnam and Singapore.
Currently, Shell has a 49% stake in Cleantech Solar operations with an option to increase this after 2021.
ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. ING Group shares are listed on the exchanges of Amsterdam, Brussels and on the New York Stock Exchange.