Singapore’s Sunseap Receives $43 Million Green Loan to Install 210 Rooftop Solar Systems
The United Overseas Bank Limited has facilitated the loan
June 25, 2019
Sunseap Group, a Singapore-based renewable energy firm, has secured a $43 million green loan from the United Overseas Bank Limited (UOB) to increase the reach of solar power in the country.
The Southeast Asian renewable energy company will use this loan to install solar photovoltaic (PV) systems on 210 rooftops, ranging from commercial and industrial premises to government establishments.
Altogether, the sites have a total solar capacity of 37 MW, which would provide power to more than 9,600 four-room flats of the Housing & Development Board (HDB) for a year.
According to Sunseap, solar power generated will also help reduce greenhouse gas emissions by 17,000 tons per year.
One of the companies with which Sunseap has worked to install solar PV systems is Sakae Holdings. The 270 kW-peak solar energy system at Sakae’s headquarters in Tai Seng has 1,400 solar panels and can generate up to one-third of the building’s energy needs.
The green loan has been issued under the Sunseap Green Finance Framework, which was established in 2018. Under its framework, Sunseap will tap various financing instruments to fund its projects and businesses with environmental benefits, specifically in the renewable energy sector and green roof systems.
Earlier, Mercom reported that Sunseap group acquired a minority stake in Todae Solar, an Australian commercial and industrial engineering, procurement and construction solar company. In India, the company, in a joint venture with Charisma Energy, has a 140 MW solar project in Rajasthan which has been in operation since August 2017.
In May this year, U.S.-based personal consumer items manufacturer Kimberly-Clark switched to solar power through the installation of a rooftop PV installation that would generate nearly 15% of the electricity consumed by its Huggies diaper and baby wipe factory in Tuas, Singapore. This installation was done by Sunseap.
According to Sunseap’s portfolio, it operates through five key units: Sunseap Leasing, Sunseap International and Sunseap Energy, Sunseap Engineering, and Sunseap Solutions. Sunseap International targets markets in the South East Asian and Pacific regions. These include a 168 MW solar farm in Vietnam, a 140 MW solar farm in India, and a 10 MW solar farm in Cambodia.
In May this year, Mercom also reported that United Overseas Bank, which is Southeast Asia’s third-largest finance group and Singapore’s third-largest bank, would stop funding coal powered projects.
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.