Standard Chartered has lent RM134mn (about US$42mn) to two Malaysian solar projects.

The lender is Sun Energy Ventures, a company sponsored by SunEdison. The loan marks the first time Standard Chartered has lent to the Malaysian renewables sector.

The projects are 10 and 5MW; with the 10MW project being the largest solar plant in Malaysia. And after a disappointing year for the renewables market last year (investment fell for the first time since 2006), Brad Sterley, global head of clean energy project and export finance for Standard Chartered tells GTR that he’s optimistic about the year ahead.

He explains: “For Asia, we are seeing continuing momentum in India and while Malaysia and Philippines are smaller in size, they are definitely growth markets for the sector. In Africa, South Africa has seen an enormous amount of investment in the past year, and both Kenya and Morocco are showing increasing potential. In addition, Saudi Arabia’s plan to launch a renewables procurement program bodes well for the Middle East region.”