Cleantech Solar, a Singapore-based renewable energy developer, has secured over $140 million in green financing through two loan transactions from ING and Clifford Capital, according to an announcement.
In a LinkedIn post, Cleantech Solar said the green financing will help expand and refinance its commercial and industrial solar energy platform across Southeast Asia.
“This is a powerful testament to the trust our partners place in the work we do, bringing more sustainable energy to businesses and accelerating the energy transition,” the company said.
In a separate post, ING said the first loan facility refinances Cleantech Solar’s initial 175-megawatt (MW) operational portfolio spanning six countries.
ING acted as sole underwriter, mandated lead arranger, bookrunner, green loan coordinator, hedge provider, and agent.
The second loan backs the development of Cleantech Solar’s second expansion platform, underpinning its continued growth in key Southeast Asian markets.
The facility also includes a $30 million greenshoe option to facilitate Cleantech Solar’s future expansion in the region, Clifford Capital said.
The combined financings are expected to support the reduction of approximately 900,000 tonnes of CO₂ emissions annually, contributing to the region’s broader energy transition targets.
Cleantech Solar provides solar energy solutions to businesses across Southeast Asia, focusing on delivering reliable renewable power to commercial and industrial clients.
Headquartered in Singapore, the company has numerous solar and wind projects across India and Southeast Asia, covering approximately 1GWp of assets in operations, construction, and development stages.
The assets include installations in India, Singapore, Cambodia, Indonesia, Malaysia, Thailand, and Vietnam.
The financing comes as the International Energy Authority (IEA) earlier said the demand for electricity in Southeast Asia is expected to see an average growth rate of 6% annually, with renewable energy meeting just around 15% of the demand.
On its website, ING said it issued a $75 million loan to Cleantech Solar in 2020, making it the largest green loan in Asia Pacific in the C&I renewables sector at the time.
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 this year, ASEAN countries will be home to over 715 million people, many of whom currently still lack access to modern energy services.
