Cleantech Solar, the leading pan-Asian supplier of renewable energy to corporates has received a USD 50 million equity investment from Climate Fund Managers, 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.
Raju Shukla, Cleantech Solar Founder and Executive Chairman said: "Our goal at Cleantech Solar has always been to deliver reliable, efficient and long-term renewable energy solutions to some of the finest corporations in Asia who are committed to transition to renewable energy in the coming years. We are indeed privileged to partner with Climate Fund Managers who share our vision and commitment towards building long-term partnerships. Together, we hope to bring tremendous value to our clients and help them meet their sustainability goals."
Andrew Johnstone, Climate Fund Managers CEO stated: “CFM, having recognised the enormous potential in the commercial & industrial solar market, are extremely pleased to partner with Cleantech Solar, a leading player in Asia-Pacific, with a focus on quality and safety. We are excited to leverage the local expertise and resources that they bring alongside financing provided by Climate Investor One in order to provide renewable energy solutions to even more businesses and organizations with regional manufacturing footprints.”
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.