Cleantech Solar Gets ING Debt to Back 500-MW Goal in Southeast Asia
Southeast Asia, June, 23 2020 -
The deal with ING Bank NV Singapore Branch is the largest green loan transaction in the Asia Pacific to date in the commercial and industrial renewables sector.
Singapore-based Cleantech Solar has obtained USD 75 million (EUR 66.6m) in debt from a unit of Dutch bank ING Groep NV to fuel its expansion across Southeast Asia.
The solar power plants operator unveiled the financing on Tuesday, saying the money will support its plan of deploying more than 500 MW of solar photovoltaic (PV) capacity. It pointed out that the deal with ING Bank NV Singapore Branch is the largest green loan transaction in the Asia Pacific to date in the commercial and industrial renewables sector.
ING was the sole mandated lead arranger and green structuring advisor of the financing deal. Specific details about the term of the loan and the interest rate were not provided.
Cleantech Solar has been involved in more than 500 MW of PV projects in India and Southeast Asia, covering different stages of operation, construction and development. Coca Cola Cambodia, machinery marker Yamazaki Mazak Singapore and India’s Apollo Tyres are among its clients, the company says.