SOLAR energy systems developer Cleantech Solar on Tuesday said it has obtained a US$75 million green loan from ING Bank in Singapore to fund its expansion across South-east Asia. Read more at The Business Times.
SOLAR energy systems developer Cleantech Solar on Tuesday said it has obtained a US$75 million green loan from ING Bank in Singapore to fund its expansion across South-east Asia.
This is the largest green loan in Asia-Pacific to date in the commercial and industrial renewables sector, said the Singapore-based firm in a media statement. The financing from ING will support the funding required to deliver Cleantech Solar's strategy of building over 500 megawatts of solar power projects.
"These projects will benefit leading local and multinational corporates across South-east Asia with reliable and long-term cost-saving clean energy solutions," said the firm, which counts Shell and Climate Fund Managers as its strategic investors. According to the International Energy Authority, the demand for electricity in South-east Asia is expected to see an average growth rate of 6 per cent annually, with renewable energy meeting only about 15 per cent of the demand.
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