ResponsAbility and Cleantech Solar join forces to increase momentum of rooftop solar energy adoption in South-East Asia and India
Zurich and Singapore — A responsAbility-managed climate fund and Singapore-based solar energy provider Cleantech Solar have signed an agreement for a USD 20m long-term corporate loan to finance new pan-Asia rooftop solar power plants.
Founded in 2014, Cleantech Solar is the leading pan-Asia solar energy provider to commercial and industrial (C&I) customers with a portfolio of more than 50 MWp and 65 sites in India and South-East Asia. Cleantech Solar offers solar-as-a-service solutions by financing, installing, operating and maintaining rooftop solar power plants to corporates.
Sustainability has become a key priority for leaders in the corporate sector and onsite solar has become grid-competitive in most countries in the region. These factors further accelerate the transition from conventional to renewable energy. The responsAbility-managed climate fund and Cleantech Solar are joining forces to help pan-Asian companies 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: “We are helping corporates attain their goal of being sustainable and responsible leaders and hedge against volatile power prices. This is what makes our rooftop solar systems such a compelling business case. The long-term funding from the fund will enable us to scale up our operation and drive solar electricity adoption in the region.”
Speaking on behalf of responsAbility, Sameer Tirkar, Senior Investment Officer – Energy Debt Financing, highlighted: “Distributed solar and especially roof-top solar is one of the key focus areas for our energy financing activities. We believe that Cleantech Solar, with its strong management team, pan-regional presence and strong execution track record is an ideal partner for us to scale up our involvement in the distributed solar space in the region.”
About Cleantech Solar (cleantechsolar.com)
Cleantech Solar is the leading pan-Asia solar energy provider to Commercial and Industrial Customers. With a portfolio of more than 50 MWp and 65 sites in India and South-East Asia, Cleantech Solar offers solar-as-a-service solutions by financing, installing, operating and maintaining rooftop solar power plants to corporates. Founded in 2014, the company is backed by a strong and committed board with deep expertise in the financial sector and supported by industry experts in the solar PV sector who have developed, financed and installed over USD 1bn of projects.
About responsAbility Investments AG (responsAbility.com)
responsAbility Investments AG is a leading asset manager in the field of development investments that offers professionally managed investment solutions to private, institutional and public investors. The company supplies debt and equity financing to firms in emerging economies and developing countries.
responsAbility currently has USD 3.3 billion of assets under management invested in over 550 companies in 97 countries. Founded in 2003, the company is headquartered in Zurich and has local offices in Bangkok, Hong Kong, Lima, Luxembourg, Mumbai, Nairobi, Oslo and Paris. Its shareholders include a number of reputable institutions in the Swiss financial market and its own employees. responsAbility is regulated by the Swiss Financial Market Supervisory Authority FINMA.