Cleantech Solar has secured a US$75 million green loan from ING Bank, Singapore.

This financing will support the funding required to deliver the company’s strategy of building over 500MW of solar power projects.

According to the International Energy Authority, the demand for electricity in Southeast Asia is expected to see an average growth rate of 6% annually with renewable energy meeting just around 15% of the demand.

This deal adds to ING’s robust portfolio of renewables transactions that have also achieved a number of “firsts” in the region.