April 5 (Renewables Now) - A unit of Singaporean clean energy company Sunseap Group will obtain SGD 50 million (USD 36.9m/EUR 32.9m) in debt from Dutch lender ING to develop 50 MW of rooftop solar projects at home.
The particular portfolio will consist of photovoltaic (PV) arrays with capacities ranging between 100 kW and 5 MW that will operate under long-term power purchase agreements (PPAs) wits over 20 international and domestic corporate buyers. The assets will be owned by Sunseap Commercial Assets Pte Ltd, the parent group said on Wednesday.
The financing is ING’s first green loan for rooftop solar in the Association of Southeast Asian Nations (ASEAN) region, according to the statement. “[..] we have created an innovative structure to finance this portfolio of rooftop solar projects on a limited-recourse basis and in a single loan facility,” said Erwin Maspolim, Asia Pacific head of utilities, power and renewables at ING.
The debt financing was arranged following ING’s assistance in creating Sunseap’s green finance framework, in which the lender acted as green structuring advisor. The framework enables Sunseap and its subsidiaries to raise green financing instruments such as green loans and green bonds to back renewable energy and energy efficiency projects.
(SGD 1.0 = USD 0.738/EUR 0.658)