Business

Sunseap secures $43m green loan to install rooftop solar power systems

Local renewable energy company Sunseap has secured a $43 million green loan to install solar power systems on rooftops across Singapore.

The panels will be able to generate enough energy to power more than 9,600 four-room Housing Board flats for a year.

Sunseap said yesterday the funding from United Overseas Bank (UOB) will be used to install panels on the rooftops of 210 sites, ranging from commercial to industrial to government premises. The power generated will help cut greenhouse gas emissions by 17,000 tonnes a year.

Sunseap received a $50 million loan from Dutch bank ING in April to fund a 50MW portfolio of rooftop solar projects here.

The rooftop projects will range from 100 kilowatts to 5MW in size and will benefit from long-term power purchase agreements with more than 20 corporates such as PSA.

Sunseap is a player in Singapore's open electricity market.

Sunseap president and executive director Lawrence Wu said the company is "delighted to have received the support of a forward-thinking institution such as UOB".

Mr Choo Kee Siong, UOB head of industry groups, group commercial banking, said it is committed to working with clients to support the development of sustainable cities and communities.

"Our continued financing of Sunseap's activities is another example of how we promote and contribute to the region's transition to renewable energy sources." - THE STRAITS TIMES

BUSINESS & FINANCE