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Sunseap Enterprises Seals Green Loan for Rooftop Solar Projects in ASEAN with ING

Published on 4 Apr 2019
Sunseap Enterprises 
ING is the Sole Mandated Lead Arranger for the S$50 million loan, which will be used to finance an approximately 50MW portfolio of rooftop solar projects. These project will be developed and owned by Sunseap Commercial Assets Pte. Ltd.

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

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

Mr Lawrence Wu, President and Executive Director, Sunseap Group, said, "We are proud to be the first renewable energy company in ASEAN to secure a green loan. ING's financing will enable us to continue generating clean energy to benefit a diverse range of clients."

This S$50 million loan is on the back of a green finance framework created for Sunseap, for which ING acted as the Green Structuring Advisor. The framework is aligned to a number of global principles.

Under this framework, Sunseap and its subsidiaries will be able to raise green financing instruments (including green loans, green bonds or other debt instruments) to finance or refinance green projects in three eligible areas: renewable energy, energy efficiency and green roof systems. These can include renewable projects including rooftop solar, run-of-river hydro and wind energy; energy efficiency projects for example smart grids, battery storage and LED lighting retrofits, as well as roof-top greenery projects.

Herry Cho, Head of Sustainable Finance for Asia-Pacific, ING, commented, "ING is honoured to partner with Sunseap on this market leading transaction, and we expect this deal to spark off more demand for Green Loan Principles-compliant loans in the renewable energy sector."

"Energy is one of the key sectors for ING, and supporting renewable energy projects is clearly aligned with the goals for our Terra Approach," Herry concluded.


ENF Profiles For Companies Mentioned in This Article

Sunseap Enterprises (Solar System Installers): https://www.enfsolar.com/sunseap-enterprises
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