Switzerland-based asset manager, responsAbility Investments AG and Singapore-based solar energy provider, Cleantech Solar have signed an agreement for a $20 million long-term corporate loan.
The fund will be used for financing new pan-Asia rooftop solar power plants in the commercial and industrial sector to increase the momentum of rooftop solar energy adoption in South-East Asia and India.
The two companies highlighted the sustainability agenda of corporates and increased grid-competition by solar in most of Asia region has accelerated the transition towards renewable energy. Therefore, the JV aims to help pan-Asia companies to tackle soaring energy costs and in parallel implement sustainable business practices through the adoption of solar energy.
Cleantech Solar Co-Founder and Executive Chairman, Raju Shukla underlined, “The long-term funding from the fund will enable us to scale up our operation and drive solar electricity adoption in the region.”
Cleantech Solar, with a portfolio of more than 50 MW and 65 sites in India and South-East Asia, offers solar-as-a-service solutions by financing, installing, operating and maintaining rooftop solar power plants to corporates.
Sameer Tirkar, Senior Investment Officer – Energy Debt Financing, responsibility, said, “Distributed solar and especially roof-top solar is one of the key focus areas for our energy financing activities.”
“We believe that together with Cleantech Solar will help us to scale up our involvement in the distributed solar space in the region.”
responsAbility currently has USD 3.3 billion of assets under management invested in over 550 companies in 97 countries.