ING Finances Solar Firm's Southeast Asia Expansion
ING Bank has issued a $75 million loan to Cleantech Solar, one of the largest C&I focused solar PV developers in Asia, to finance its expansion across Southeast Asia, according to a press release on Tuesday.
The funds will be used to deliver the Singapore-based company’s aim of building over 500MW of solar power projects across Southeast Asia, which will bring reliable and long-term cost-saving clean energy solutions to local and multinational corporates across the region.
Cleantech Solar was founded in Singapore in 2015, and counts Shell and Climate Fund Managers among its strategic investors. The company has significantly ramped up its growth in recent years as demand for electricity in Southeast Asia is expected to see an average growth rate of 6 percent annually with renewable energy meeting just around 15 percent of the demand, it said, citing the International Energy Authority.
Growing Renewables Portfolio
This deal – Asia Pacific’s largest green loan for commercial and industrial rooftop solar projects – adds to ING’s portfolio of renewables transactions in the region. Guided by ING’s «Terra» approach, the green loan is also in line with ING’s commitment to the RE100 initiative, the bank said in the announcement.
In Asia Pacific, ING offers wholesale banking across 14 markets, and 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 percent stake in Bank of Beijing, China and a 30 percent stake in TMB Bank, Thailand.
