Cleantech Solar receives US$50m investment from Climate Fund Managers

Cleantech Solar, the leading pan-Asian supplier of renewable energy to corporates has received a  USD 50 million equity investment from Climate Fund Managers (CFM), the climate-dedicated investment manager and manager of the Climate Investor One facility, to support its exponential growth in Asia.

The partnership, which will continue to operate under the Cleantech Solar brand, brings together unique and complementary strengths of the two respected organizations. Cleantech Solar will leverage its solar expertise and proven track record in providing world class solar power plants to multinationals and leading local corporations in Asia. Climate Fund Managers, with the support of the Dutch Development Bank, FMO, and Sanlam InfraWorks, will bring access to prime, long-term institutional capital, to further strengthen the company’s balance sheet and sustain its future expansion.

The investment will facilitate the growth of Cleantech Solar’s total installed solar capacity in the Commercial and Industrial sector to over 450 MW with a target to generate over 600 GWh of clean electricity per annum, cutting down carbon emissions by almost 500,000 tonnes per year.

This investment comes at a time when the demand for clean energy from corporations is breaking new records. This demand is driven by a combination of increased focus on emission reduction; minimizing risk exposure to volatile energy markets and a unique opportunity to replace grid-supplied power with lower cost solar electricity.

Cleantech Solar is a pan-Asia supplier of renewable energy to corporates, combining the capabilities of a global player without compromising on responsiveness and agility.

Headquartered in Singapore, Cleantech Solar owns and operates over 120 solar power plants across India and South-East Asia, representing 200 MW of projects, with the majority being in operation and remaining under construction and development. This includes installations in India, Cambodia, Malaysia, Thailand, the Philippines, Vietnam and Singapore.