Cleantech Solar bags $104.36m green loan for 500MW solar projects

Proceeds will be used to finance its expansion across Southeast Asia.

Singapore-based commercial and industrial (C&I) solar PV developer Cleantech Solar has secured a $104.36m (US$75m) green loan from ING Bank N.V., Singapore Branch for building over 500MW of solar power projects, according to a press release.

This is considered to be 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. ING was the sole mandated lead arranger and green structuring advisor.

Cleantech Solar has been selected for solar power plants across India and Southeast Asia, covering over 500MW across operations, construction and development. It has Shell and Climate Fund Managers as its strategic investors.