Singapore Solar Company LYS Energy Raises $10 Million from United Overseas Bank
The loan is a part of the bank’s U-Solar program
LYS Energy Group (LYS), a Singapore-based solar independent power producer (IPP), has received S$14 million (~$10 million) green loans from the United Overseas Bank (UOB), Southeast Asia’s third-largest finance group and Singapore’s third-largest bank.
The loan was issued under the UOB’s Green Infrastructure Framework as part of the bank’s U-solar program. It is the first solar industry ecosystem in Asia to power the development and adoption of renewable energy across Southeast Asia, adds the company statement.
According to the company, the loan will be used to finance LYS’ solar energy assets in Singapore and its expansion towards clean energy.
Speaking on occasion, Lionel Steinitz, the founder, and CEO of Lys Energy Group said, “The COVID-19 pandemic, with its sudden outbreak and its ferocity, forces us to realize how fragile we as human beings are. While the sanitary crisis and climate change are two separate problems, I trust that the post-pandemic era will open on the observation that our environment is also very delicate and require a subtle balance with global economic activity.”
“Following the entry of the French Sovereign Wealth Fund in our group (Banque Publique d’Investissement or BPIfrance), this green loan marks another important milestone for LYS Energy in our journey to bolster the adoption of a low-carbon energy path in Singapore and SEA,” he added.
LYS has deployed more than 50 MW of high-performance solar systems with a pipeline of more than 500 MW in Singapore and South East Asia. According to Eric Tham, the Head of Group Commercial Banking, UOB, through the U-Solar program, UOB has been working to accelerate the use of solar energy in Singapore and across the region.
“We hope that such collective efforts also help in encouraging more companies to make the switch to renewable energy sources such as solar power, as we focus on building a more sustainable future,” Tham added.
In March 2019, Mercom reported that the United Overseas Bank said that it would stop funding coal-powered projects. The UOB had stated that the bank’s decision to quit funding coal projects, two other big banks from Singapore, OCBC and DBS had taken the same decision in support of sustainable development without fossil-based fuels.
In February 2020, Sunseap Group, another renewable company based in Singapore, announced that the company received a total sum of S$50 million (~$36.7 million) from ABC World Asia and Temasek. The company had stated that the investment would be used for developing solar projects in Singapore and other parts of Asia.
Anjana is a news editor at Mercom India. Before joining Mercom, she held roles of senior editor, district correspondent, and sub-editor for The Times of India, Biospectrum and The Sunday Guardian. Before that, she worked at the Deccan Herald and the Asianlite as chief sub-editor and news editor. She has also contributed to The Quint, Hindustan Times, The New Indian Express, Reader’s Digest (UK edition), IndiaSe (Singapore-based magazine) and Asiaville. Anjana holds a Master’s degree in Geography from North Bengal University, and a diploma in mass communication and journalism from Guru Ghasidas University, Bhopal.