ING closes first ASEAN green loan for 50MW rooftop solar projects

The bank is acting as the sole mandated lead arranger for the $50m loan.

ING sealed the first green loan in ASEAN for a portfolio of rooftop solar projects as part of its growing push towards sustainable finance.

Acting as sole mandated lead arranger, the $50m loan will be used to finance approximately 50MW of solar projects that will be developed and owned by Sunseap Commercial Assets Pte. Ltd.

The rooftop solar projects in Singapore will range from approximately 100kW to 5MW in size, and will benefit from long-term Power Purchase Agreements with over 20 international and domestic commercial and industrial corporates.

“The financing is expected to help different industries in Singapore – from education to transportation to technology – offset their carbon footprint,” Erwin Maspolim, Asia Pacific Head of Utilities, Power and Renewables, ING said in a statement.

This loan comes on the back of a green finance framework created for Sunseap, for which ING acted as the Green Structuring Advisor. Under this framework, Sunseap and its subsidiaries will be able to raise green financing instruments to finance or refinance green projects in renewable energy, energy efficiency and green roof systems.