Singapore’s Cleantech Solar secures $75m green loan from ING Bank

Cleantech Solar’s rooftop system at Yamazaki Mazak.

Cleantech Solar, a Singapore-headquartered solar developer, announced that it has secured $75 million in a green loan from Dutch financial firm ING Bank.

In a statement, Cleantech Solar said the funding, which came from INB Bank’s Singapore branch, will be used to finance its expansion across Southeast Asia, where the demand for electricity is expected to rise annually.

The Shell and Climate Fund managers-backed company said the green loan from ING is the largest in the Asia Pacific to date in the commercial and industrial (C&I) renewables sector.

“This financing from ING will support the funding required to deliver the company’s strategy of building over 500MW of solar power projects,” Cleantech Solar said.

The green financing is not the first for ING in Asia Pacific. Last year, the company served as the sole mandated lead arranger for a S$50 million ($36.98 million) green loan for Singapore-based Sunseap, which is being used to build a 50-megawatt portfolio of rooftop PV projects.

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.

Financing renewable energy and energy efficiency projects is crucial for countries in the Asia-Pacific region, ING Bank earlier said. It is estimated that by 2025, ASEAN countries will be home to over 715 million people, many of whom currently still lack access to modern energy services.

Renewables can play a key role in ensuring clean and affordable energy for people across the region, according to the bank.

“This deal adds to ING’s robust portfolio of renewables transactions that have also achieved a number of ‘firsts’ in the region… and is also in line with ING’s commitment to the RE100 initiative,” Krista Baetens, ING’s Head of Wholesale Banking Asia Pacific, said.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.