Netherlands and Singapore XX September 2018Cleantech Solar, regional leader in the Asia-Pacific commercial & industrial solar market and Climate Fund Managers (CFM), the climate dedicated investment manager and manager of the renowned Climate Investor One facility, have entered into an agreement whereby Climate Fund Managers will invest USD 53 million of equity into Cleantech Solar to enable it to continue its exponential growth in commercial solar projects in the region.

The partnership will leverage both organisations’ unique strengths. Cleantech Solar will contribute its unique track record in developing projects for leading corporations in one of the fastest growing solar markets in the world. Climate Fund Managers, with the support of the Dutch Development Bank, FMO, and Sanlam InfraWorks – part of the Sanlam Group from South Africa, will bring its access to prime institutional capital and will further strengthen the company’s balance sheet to sustain its future expansion.

This investment comes at a time when the demand for clean energy from corporations is breaking new records. This demand is driven by the combination of an increased focus on emission reductions with a strategic view to replace grid supplied power with lower cost solar power, reducing risk exposure to volatile energy markets and unlocking additional sources of revenue through the sale of surplus power back into the grid, were regulation permits.

“Our partnership with Climate Fund Managers is a great show of confidence in Cleantech Solar’s record and experience in delivering the highest quality projects across multiple geographies in Asia, for the most prestigious but also the most demanding corporations”, Cleantech Solar Co-Founder and Executive Chairman Raju Shukla said. “This is a further vindication of our strategy to build the company around its trademark customer centricity and responsiveness, engineering excellence combined with prudent but ambitious financial management”.

Climate Fund Managers CEO Andrew Johnstone stated, “CFM are very pleased with this partnership, having recognised the enormous potential in the commercial & industrial solar market. Cleantech Solar are in a leading position in Asia-Pacific and we are excited to leverage the local resources and infrastructure that they bring alongside financing provided by Climate Investor One in order to provide climate solutions to even more businesses and organizations with regional manufacturing footprints.” [DRAFT QUOTATION – PENDING APPROVAL]

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, cutting down carbon emission by almost 500,000 tonnes, which will be the equivalent to taking XXX cars off the road each year.

About Cleantech Solar (

Cleantech Solar is a pan-Asia solar developer who invests, owns and operates solar PV plants with a focus on long-term partnerships with leading companies in the Commercial and Industrial sector.

Headquartered in Singapore, Cleantech Solar has a track record of over 100 sites and 200 MW across Asia, including installations in India, Cambodia, Malaysia, Thailand, the Philippines, Vietnam and Singapore. Cleantech Solar combines the capabilities of a global player without compromising on responsiveness or agility, offering customers a unique combination of:

  • the leading engineering team in the industry with dozens of expert PV engineers
  • an exceptionally strong balance sheet and funding pipeline
  • experienced local teams in all markets ready to deliver high-performance projects for customers
  • shared values with leading multinationals, ensuring lasting relationships

These assets combined with a steadfast focus on customers enable Cleantech Solar to deliver safe, seamless and repeatable solar outcomes for corporations on their transition towards sustainable and clean energy.

About Climate Fund Managers (

Climate Fund Managers (CFM) is a leading fund manager dedicated to securing a sustainable future through  investing across global emerging markets. CFM is a cooperative incorporated under the laws of The Netherlands, established as a joint venture between the Dutch Development Bank, FMO, and Sanlam InfraWorks – part of the Sanlam Group, of South Africa.

CFM has a long-term vision to structure cutting edge financing facilities around core areas of climate change mitigation and adaptation, including energy, water, sustainable land use, oceans and sustainable cities. The debut vehicle managed by CFM is the innovative & acclaimed blended finance facility, Climate Investor One (CI1).

CI1, mandated to finance renewable energy infrastructure projects, was born out The Global Innovation Lab for Climate Finance (winner, 2015). CI1 is acclaimed for its ability to both mobilize large volumes of commercial financing off the back of strategically directed donor capital & for providing a simplified financing alternative to the project finance toolbox. CI1 also enjoys support from the EU as part of its wider commitment to sustainable development and climate change mitigation.

Climate Investor One targets investments across Africa, Asia & Latin America – with a technological focus on solar, wind & run-of-river hydro.