The world’s largest corporations are leading the way in sustainability and are setting up firm targets to go renewable. Many of these companies are even moving a notch further and have joined RE100, a global, collective initiative that brings together influential businesses committed to 100% renewable power. With the corporate leaders stepping up on their efforts, setting clear and ambitious targets for sourcing electricity wholly from renewable sources, the demand for clean energy is now breaking new records.
As much as businesses are willing to take the initiative, most also find that it would require a considerable amount of resources and capital to green their footprint without affecting their business’s bottom line, especially when they operate facilities across different geographical regions with varying and sometimes complex regulatory frameworks.
This is a time where the combination of a green financing institution and an experienced regional solar developer can come into play to accelerate the adoption of solar energy. On 11th September 2018, Climate Fund Managers (CFM), the climate-dedicated investment manager of the Climate Investor One facility, and Cleantech Solar, the Singapore-based, leading pan-Asia supplier of renewable energy to corporates, entered a strategic partnership where CFM will inject USD 50 million into Cleantech Solar to support its exponential growth in Asia.
This global partnership will bring access to prime, long-term institutional capital and the solar expertise in providing world-class solar power plants to multinationals and leading local corporations in Asia. The investment will facilitate the growth of installed solar capacity in the Commercial and Industrial sector to over 450 MW with a target to generate over 600 GWh of clean electricity per annum, cutting down carbon emissions by almost 500,000 tonnes per year.
The shared vision between the two organisations, CFM and Cleantech Solar, towards building meaningful long-term partnerships in delivering reliable, efficient renewable energy solutions will be a catalyst for climate actions for corporations in Asia through effective reduction in carbon emissions and driving the clean energy transition to meet their sustainability goals. The corporate partnership will also help companies cut through market complexity to minimise their risk exposure to volatile energy markets and a unique opportunity to replace grid-supplied power with lower cost solar electricity.
Read more about the partnership that aims to help leading businesses to expand their renewable energy access and tackle climate change here.