Cleantech Solar, a Singapore-based solar project developer, has announced that it will develop rooftop solar photovoltaic (PV) projects aggregating 27 MW in three Asian countries.
The company recently inked Power Purchase Agreements (PPAs) with three industrial customers for the development of 27 MW of rooftop solar projects.
These contracts will cover the full turnkey financing, design, installation, and full-life operation and maintenance of the solar projects which are to be developed in the three countries.
With the operation of these three projects, the consumers will be able to drastically reduce their emissions, and at the same time they will be able to enjoy the low energy costs for their consumption.
Raju Shukla, the chairman of Cleantech Solar commented on the development saying, “Those three systems will be amongst the world’s largest rooftop solar projects. This not only shows that corporations are increasingly seizing the opportunity of competitive on-site renewable energy but are also embracing the solar-as-a-service model where our strong balance sheet enables us to carry the full capital investment.”
According to a press release issued by the company, Cleantech Solar, which was founded in the year 2014, has a portfolio of more than 80 MW, spread across a hundred sites in India and South-East Asia.
Mercom had previously reported that Cleantech Solar has joined forces with responsAbility, an asset manager in the field of development investments and professionally-managed investment solutions provider, to increase the momentum of rooftop solar energy adoption in South-East Asia and India. In November 2017, the two companies signed an agreement for a $20 million (~₹1.3 billion) long-term corporate loan to finance new pan-Asia rooftop solar power projects.
The industries in South-East Asia and India have begun pushing the growth of the rooftop solar segment of the renewable energy sector and Cleantech Solar has got the backing of some good investors.
This is a welcome development for the expansion of green energy in the Asian region as most parts of South-East Asia and India are still developing, and their citizens lack the wherewithal to purchase rooftop solar PV systems.
Image credit: Cleantech Solar
Saumy is a senior staff reporter with MercomIndia.com covering business and energy news since 2016. Prior to Mercom, Saumy was a copy editor at Thomson Reuters. Saumy earned his Bachelors Degree in Journalism & Mass Communication from the Manipal Institute of Communication at Manipal University. More articles from Saumy Prateek.