Cleantech Solar, responsAbility to Provide Loan for Rooftop Solar Projects in Asia

Cleantech Solar, a Singapore-based solar energy provider, and responsAbility have joined forces to increase the momentum of rooftop solar energy adoption in South-East Asia and India.

A responsAbility-managed climate fund and Cleantech Solar have signed an agreement for a $20 million (~₹1.3 billion) long-term corporate loan to finance new pan-Asia rooftop solar power projects.

The responsAbility-managed climate fund and Cleantech Solar will help pan-Asian companies tackle soaring energy costs, and in parallel, implement sustainable business practices through the adoption of solar energy.

“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,” said Cleantech Solar Co-Founder and Executive Chairman Raju Shukla.

“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,” said Sameer Tirkar, senior investment officer of energy debt financing for responsAbility.

In South-East Asia and India, industries are pushing the growth of the rooftop solar segment. Most of South-East Asia and India are developing, and their citizens lack the wherewithal to purchase rooftop solar PV systems. This means that a greater availability of cheap financing is needed in order for the sector to grow.

Image credit: Cleantech Solar