Cleantech Solar and ING Sign APAC’s Largest Commercial Rooftop Solar Project

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 C&I renewables sector, with the proceeds used to finance Cleantech Solar’s expansion across Southeast Asia.

Headquartered in Singapore, Cleantech Solar, which has Shell and Climate Fund Managers as its strategic investors, has significantly ramped up its growth since the company was founded five years ago.

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.

According to the International Energy Authority, the demand for electricity in Southeast Asia is expected to see an average growth rate of 6 per cent annually with renewable energy meeting just around 15 per cent of the demand. 

“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 Chairman said: “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.”

Jasmine Choo, Cleantech Solar’s Chief Operating Officer, added: “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.”

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 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.”

Nathan Schmidt, Regional Head Asia at Climate Fund Managers, noted: “This deal will expand Cleantech Solar’s ability to attract new clients seeking localised clean energy solutions in pursuit of its wider ambitions of remaining a leading Pan-Asian C&I player.” 

About Cleantech Solar

Cleantech Solar is a pan-Asia supplier of renewable energy to corporates, combining the capabilities of being a regional player with responsiveness and agility.

Headquartered in Singapore, Cleantech Solar has been selected for numerous solar power plants across India and Southeast Asia, covering over 500MW across the various stages of operations, construction and development. This includes installations in India, Cambodia, Malaysia, Thailand, the Philippines, Vietnam and Singapore.

The company helps corporations to meet their sustainability goals, offering them a unique combination of:

• Shared values ensuring long-term partnership
• Leading technical expertise with a strong focus on delivering safe and high-quality projects
• Experienced local teams in all markets to ensure compliance and smooth execution
• State of the art control room delivering optimized performance in real time

About ING

ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is empowering people to stay a step ahead in life and in business. ING Bank’s more than 55,000 employees offer retail and wholesale banking services to customers in over 40 countries.

ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N).

Sustainability forms an integral part of ING’s strategy, evidenced by ING’s ranking in the banks industry group by Sustainalytics. ING Group shares are included in the FTSE4Good index and in the Dow Jones Sustainability Index (Europe and World), where ING is also among the leaders in the banks industry group.

ING in Asia Pacific

In Asia Pacific, ING offers wholesale banking across 14 markets, namely Australia, China, Hong Kong SAR, India, Indonesia, Japan, Malaysia, Mongolia, the Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam.

ING offers both retail and wholesale banking services in Australia. The bank also started its digital banking platform in the Philippines in 2018. ING’s regional presence includes a 13 per cent stake in Bank of Beijing, China and a 30 per cent stake in TMB Bank, Thailand.

About Climate Fund Managers

Climate Fund Managers (CFM) is a leading blended finance fund manager dedicated to securing a sustainable future by investing across global emerging markets. CFM has a long-term vision to structure cutting edge financing facilities around thematic areas of climate change mitigation and adaptation, including renewable energy, water and oceans, sustainable land use, and sustainable cities. CFM is established as a joint venture between the Dutch development bank FMO and Sanlam InfraWorks – part of the Sanlam Group of South Africa.

Climate Investor One (CI1) is the inaugural facility managed by CFM and the first of an intended series of ‘blended finance’ investment vehicles focused on providing capital to climate mitigation and adaptation sectors in developing countries. CI1 has a focus on Africa, South and Southeast Asia, and Latin America and uses a whole-of-life financing approach intended to reduce implementation timelines.

CI1 Climate Investor One was launched in partnership between FMO and Sanlam InfraWorks, part of the Sanlam Group of South Africa. The facility also enjoys support from the EU through its External Investment Plan, a part of its wider commitment to sustainable development and climate change mitigation, as well as cornerstone support from the Ministry of Foreign Affairs of the Netherlands, the Nordic Development Fund (NDF) and USAID’s Power Africa programme. CI1 is a USD 850 million financing facility.