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56.709,13 € invested by 453 lenders
19% Funded42 days left to close
Aquila
Kuala Lumpur, MY
instalment
monthly
term
5 years
yearly interest
8.4%
risk rating
C+
Clean solar energy for Malaysian households
Description
Aquila is a climate‑finance group headquartered in Singapore that helps small and medium‑sized businesses across Southeast Asia access funding for clean‑energy projects. Instead of lending its own money, Aquila structures and manages loans between investors and companies working in solar energy, electric mobility, and other climate‑tech solutions. For this project, the promoter is Aquila Climate Capital Spain S.L., a special‑purpose vehicle (SPV) created by Aquila to raise investment from Europe.
The funds raised through this campaign will finance the expansion of Okapi, a company that helps Malaysian households install rooftop solar panels with zero upfront cost. Okapi offers long‑term payment plans that make solar energy affordable for families facing rising electricity bills. Through Aquila’s internal structure, funds from the Spanish SPV will be transferred to Okapi to finance new residential solar systems across Malaysia.
Okapi works with trusted Malaysian solar installers who handle installation, operation, and maintenance of the systems. The loan will cover the upfront cost of new solar installations, allowing Okapi to sign more solar leasing contracts with households. This means more families can reduce their electricity bills and switch to clean, renewable power without needing to pay anything upfront.
This project takes place in Southeast Asia, one of the fastest‑growing regions in the world. The region is becoming a major global manufacturing hub and attracting strong investment flows, which increases the demand for flexible financing solutions. At the same time, Southeast Asia is rapidly adopting climate‑tech solutions, with solar energy playing a central role in reducing emissions and improving energy security. Residential solar is expanding quickly, but many households still struggle to access financing, making Okapi’s model especially impactful.
This project's goal is to bring clean, affordable solar energy to Malaysian households while supporting the growth of climate‑tech financing in one of the world’s most dynamic regions.
The Impact
Direct
Contribution to the decarbonization of Malaysia, avoiding CO2 emissions: This loan to Okapi enables the installation of 58 photovoltaic systems with a capacity of 495 kWp and a total production of clean energy of about 696 MWh per year, the solar plant will avoid the emission of more than 538 tons of CO2 per year. This is equivalent to the CO2 absorption of almost 24.500 trees.
Indirect
Cost reduction for the end customer and easier access to solar solutions: Thanks to Okapi’s intermediation, consumers can experience a reduction in energy costs, forecasted at nearly 470.000 dollars in cumulative savings over five years and gain affordable access to solar solutions, overcoming economic and bureaucratic barriers for a quick and cost‑effective transition to solar energy and overcoming the working capital constraints that have slowed clean energy adoption.
Develop and modernize infrastructures making them resilient and sustainable: The rooftop solar installation can deliver lower energy costs and expand access to reliable, affordable clean energy for about 60 to 70 small and medium enterprises and households, contributing to both immediate and long-term reductions in greenhouse emissions by displacing electricity generated from fossil fuels and defining a long term strategy with soalr panels than can operate for more than 25 years.
Impact Indicators
538.7 T
CO2 avoided per year
696 Mwh
clean energy
Contribution to the Sustainable
Development Goals
Sustainable Development Goals
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Financial viability
Although the promoter of this campaign is Aquila Climate Capital Spain S.L., the repayment of the loan ultimately depends on Okapi, the company in Malaysia that will use the funds to expand its residential solar portfolio. The Spanish SPV acts only as a pass‑through vehicle within the Aquila Group, meaning it receives the funds from Goparity investors and transfers them internally until they reach Okapi. Because of this structure, the financial viability of the project is directly linked to Okapi’s ability to generate cash flow from its solar leasing contracts.
Okapi's business model is built on long-term solar leases signed with Malaysian households. When Okapi installs a solar system on a homeowner's roof, that homeowner pays a fixed monthly lease installment. Okapi owns the solar equipment throughout the lease term and collects these monthly payments as its primary source of revenue.
Repayments to Goparity investors are sourced directly from these contracted lease instalments. The cash flows are not dependent on future project development, they are generated by systems already installed and operational at the time of disbursement, on which Aquila registers first-ranking security.
The loan follows a balloon structure, meaning that investors receive interest every month, but only part of the capital is repaid during the five‑year term. Around 70% of the capital is repaid gradually, while the remaining 30% is paid in a single final instalment at maturity. This structure keeps monthly payments lower for Okapi during the early years, when it is still expanding its portfolio and building up the cash flow that will ultimately support the full repayment of the loan.
According to Okapi’s financial projections, the company is expected to generate sufficient cash flow to meet both the monthly instalments and the final balloon payment. To help mitigate the risk associated with the large final instalment, Aquila has issued a Letter of Interest expressing its intention to help arrange refinancing with Malaysian banks if needed at the end of the loan term.
Overall, the financial viability of the project is supported by Okapi’s recurring customer payments, the growing demand for residential solar in Malaysia, and Aquila’s experience in structuring and managing climate‑finance transactions across Southeast Asia.
Download the Financial Statements for the promoter here
Download Key Investment Information Sheet
Guarantees
The loans granted to the promoter AQUILA CLIMATE CAPITAL SPAIN S.L. by investors will be secured, as provided for in the loan agreements associated with the campaign, by the following:
- First-ranking security over Okapi’s panels, plants, and receivables related to approved projects (registered in Malaysia and with a maximum LTV of 100%).
The Promoter
About Aquila Climate Capital Spain S.L.
Aquila is a climate‑finance group based in Singapore that helps businesses across Southeast Asia access funding for clean‑energy projects. The group was founded in 2022 and focuses on supporting small and medium‑sized enterprises working in solar energy, electric mobility, and other climate‑tech solutions. Instead of providing loans using its own funds, Aquila specialises in structuring financing, managing risk, and connecting impactful companies with investors.
The Group operates through a simple regional structure. Aquila Climate Technology Holding Pte. Ltd., incorporated in Singapore, is the parent company. Its main operating subsidiary, Aquila Technology Vietnam LLC, is responsible for identifying projects, carrying out due diligence, and monitoring financed assets across Vietnam and neighbouring countries. Another entity, Aquila Climate Capital Pte. Ltd., is used to structure and manage financing arrangements for partners and investors. It is a separate entity within the group structure, fully owned by Stefano Pellegrino, one of Aquila’s founders and shareholders, and functions as a special‑purpose vehicle for structuring and managing financing arrangements. This SPV holds a credit portfolio of more than 4 million USD.
In addition to financing, Aquila offers an ESG data and monitoring platform that helps companies track the environmental performance of their projects.
To raise capital in Europe, Aquila created Aquila Climate Capital Spain S.L., a special‑purpose vehicle (SPV) established in 2026. An SPV is a company set up for a single, clearly defined purpose. In this case, the Spanish SPV exists only to raise funds and channel them into Aquila’s climate‑finance activities in Southeast Asia. It does not run operations or hold other business activities, which helps keep the structure simple and transparent for investors.
Aquila is led by a multidisciplinary team with experience in finance, credit analysis, technology, and sustainability. The Group’s mission is to make clean‑energy financing more accessible across Southeast Asia and to support the region’s transition to a low‑carbon economy.
Aquila's lending track record reflects the discipline of its credit process:
- USD 22 million deployed across 20 renewable energy projects in 5 countries across Southeast Asia.
- First-ranking security registered over the solar panels and equipment for every loan.
The team
Stefano Pellegrino
3-times Founder and Zero-to-One business builder, with 10 years of experience in green project finance in Southeast Asia. In 2019, Stefano joined as Vietnam co-founder one of the fastest growing FinTech companies in SEA - Aspire, which raised $100mil Series C from the world's best VCs.
Jarek Tkaczyk
Engineering Leader with over a decade of experience building software and scaling teams. Jarek was Head of Engineering at Aspire, leading a team of over 100 software engineers across 4 countries in Southeast Asia.
Juvjen Mani
Former Head of Credit Risk at Aspire where he managed a USD 65 million SME and green financing portfolio in Southeast Asia. He has over 10 years of experience in operations at Shopee and Lazada.
Ollie Smeenk
Ollie founded two tech firms specializing in IoT hardware and cloud software. He has experience leading teams, raising funds, and managing KPIs, OKRs, HR, ops, finance, and hardware installations.
Business Model
Aquila operates as a climate‑finance platform that helps small and medium‑sized businesses in Southeast Asia access funding for clean‑energy and electric‑mobility projects. Instead of lending from its own balance sheet, Aquila structures financing solutions, performs due diligence, and monitors projects on behalf of investors. This model allows local solar developers, EV operators, and other climate‑tech companies to access capital quickly and at lower upfront cost, while giving investors a transparent and professionally managed way to support sustainable infrastructure.
The Group combines financing expertise with a digital ESG and asset‑monitoring platform that tracks the environmental performance of financed projects. Aquila’s technology is used by dozens of climate technology companies across Southeast Asia. By integrating financing with real‑time monitoring, Aquila helps ensure that funded projects deliver measurable environmental impact.
Private credit in Asia is expanding rapidly, with the Asia-Pacific market doubling in size over the past five years, yet still representing only about 7% of the global market, leaving significant room for future growth. Much of this demand comes from SMEs, which form the backbone of Southeast Asia’s economy but often struggle to access traditional bank financing due to limited collateral and higher transaction costs. As a result, they are increasingly turning to private credit providers that offer more flexible terms and fewer regulatory constraints. Within this environment, climate tech has emerged as one of the most promising sectors: although Southeast Asia covers less than 1% of the world’s land area, it has the potential to supply around 30% of global carbon offsets by 2030. The climate‑tech market in Southeast Asia and India was valued at 88 billion euros in 2023 and is projected to reach 302 billion euros by 2030.
Active since
Fiscal country
ES
Operating In
Malaysia
Industry
Energy
Women Shareholders
No
Updates
2026-04-06
Open for investment
This campaign will help avoid the emission of 539 tons of CO2 per year
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Aquila
4º Esq
1070-289 Lisboa
Portugal
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