Singapore-based solar photovoltaic (PV) developer Cleantech Solar has secured a $75 million (£60m) loan from the ING Bank N.V to finance its expansion across Southeast Asia.
The firm, which has Shell as one of its investors, will use the funds to build more than 500MW of commercial and industrial rooftop solar power projects.
The demand for electricity in Southeast Asia is expected to see an average annual growth rate of 6% with renewable energy meeting just around 15% of the demand, according to the International Energy Authority.
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.”
Krista Baetens, ING’s Head of Wholesale Banking Asia, added: “This loan is aligned with the global green loan principles. We are optimistic that our partnership will contribute to a greener impact within the region and beyond.”