Norton Rose Fulbright has advised the Global Climate Partnership Fund on a US$20 million corporate loan to Singapore-based Cleantech Solar Asia Pte. Ltd., a solar-as-a-service solution provider which finances, installs, operates and maintains rooftop solar power plants for businesses in the Asia Pacific region.

The loan will allow Cleanteach Solar to finance more pan-Asia rooftop solar power plants which will in turn help corporates in the region to attain their goal of being sustainable and responsible business leaders, and also hedge against volatile power prices.

Managed by responsAbility Investments AG, an investment company that specialises in development-related sectors of emerging economies, the Global Climate Partnership Fund is an innovative public-private partnership that uses public funding to leverage private capital in order to mitigate climate change and drive sustainable growth in emerging markets.

The Norton Rose Fulbright team on the deal was led by Singapore partner Stephen Begley and Bangkok partner Tassanai Kiratisountorn, and included senior associate Aditya Rebbapragada, and associates Hannah Logan and Tip-apa Limvichai.

Stephen Begley commented: “Singapore is leveraging its position as a regional project development and financing hub to support clean energy companies in their goals. This transaction is much in line with the country’s continuous efforts to grow the clean technology and renewable energy sectors with new investments and the deals that are happening really demonstrate investor confidence in Singapore playing the role of an effective cleantech hub.”

Nick Merritt, Global Head of Infrastructure, Mining and Commodities and lead partner on Norton Rose Fulbright’s ‘Future Ready: Sustainable Cities’ global initiative, commented: “Singapore’s smart and sustainable ambitions are inspiring its neighbours to forge ahead with innovative urban planning. As more emerging cities take on sustainability, our ‘Future Ready: Sustainable Cities’ initiative pulls together a global group of legal experts who have significant experience advising on the injection of capital into smart infrastructure, which is needed to facilitate growth and alleviate poverty. As part of that, we have also been actively addressing regulatory reform and government capacity building for the development of smart cities.”