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Cleantech Solar bags US$75m green loan from ING
SOLAR energy systems developer Cleantech Solar on Tuesday said it has obtained a US$75 million green loan from ING Bank in Singapore to fund its expansion across South-east Asia.
This is the largest green loan in Asia-Pacific to date in the commercial and industrial renewables sector, said the Singapore-based firm in a media statement.
The financing from ING will support the funding required to deliver Cleantech Solar's strategy of building over 500 megawatts of solar power projects.
"These projects will benefit leading local and multinational corporates across South-east Asia with reliable and long-term cost-saving clean energy solutions," said the firm, which counts Shell and Climate Fund Managers as its strategic investors.
According to the International Energy Authority, the demand for electricity in South-east Asia is expected to see an average growth rate of 6 per cent annually, with renewable energy meeting only about 15 per cent of the demand.
Jasmine Choo, Cleantech Solar’s chief operating officer, said: “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.”
ING was the sole mandated lead arranger and green structuring adviser for the deal, which adds to the group's portfolio of renewables transactions.
Adrian Lian, ING’s lead for renewables and power in Asia-Pacific, said: "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."