Wednesday, 19 June 2024

UOB ties up with leading homegrown companies to help power up the use of solar energy in Singapore

5 min read

 United Overseas Bank (UOB) announced its collaboration with three leading homegrown solar companies, SolarGy, SolarPVExchange and Sunseap Group, to accelerate the use of solar energy in Singapore. The tie-up is part of the Bank’s U-Solar programme, Asia’s first solar industry ecosystem

U-Solar connects the entire solar power value chain to help businesses and consumers switch to solar power, enabling them to reduce their reliance on nonrenewable energy. Under the collaboration, business and home owners will be able to adopt solar energy by choosing from the installation, commissioning, operations and after-sales service packages for solar power systems provided by SolarGy, SolarPVExchange and Sunseap Group. To help with the costs of installing and maintaining the system, UOB will offer business owners solar equipment financing. Home owners can opt for a zero per cent interest instalment plan of up to 36 months. UOB’s U-Solar programme also supports the Government’s twin goals of becoming a leading centre for green finance in Asia and globally and increasing Singapore’s solar capacity by about eight times to two gigawatt-peak by 2030 – enough to power about 350,000 households a year.

Mr Frederick Chin, Head of Group Wholesale Banking and Markets, UOB, said, “Solar power is not only a clean and efficient energy source but has also become a more economically viable option as the technology to harness solar energy matures. Despite this, many companies and consumers remain hesitant to adopt solar power, believing that it requires high upfront investment. With U-Solar, businesses and home owners will be able to make the switch to solar power easily without having to worry about how to fund the purchase of the solar power system for their factories, offices and homes.”

The U-Solar programme was launched in Singapore today as part of UOB’s ‘Solar Day’ event. At the event, UOB customers learnt from the Bank’s U-Solar partners in Singapore about the benefits of solar power and how it can complement their energy needs. UOB also invited speakers from Allen & Gledhill, Solar Energy Research Institute of Singapore and SP Group to share their insights such as the legal aspects of generating solar power and tips on how to install and to maintain solar rooftops. UOB’s regional U-Solar initiative was first launched in Malaysia in October 2019 and subsequently in Indonesia.

Re-disseminated by The Wealth and Society

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