UOB programme aims to spur switch to solar power

United Overseas Bank (UOB) has launched a programme that links Asian businesses and individuals with its solar company partners to help clients go green and switch to solar power, it said yesterday.

The programme, U-Solar, was first launched in Malaysia, with a likely roll-out in Singapore later this year. It will also launch in other South-east Asian countries such as Thailand and Indonesia later on.

Its platform currently lists packages from UOB Malaysia's solar partners - ERS Energy, PlusSolar and Solarvest - that corporates and individuals can take up to install solar power infrastructure in their factories, offices and houses.

The bank will have different solar partners for each market.

UOB's collaboration with these firms will offer installation, commissioning, operations and after-sales service packages for solar power systems.

The bank is also offering a suite of financial solutions and loans that can be used to fund these projects as well as the solar companies' capital needs.

These include sukuk (Islamic financial certificate), project loans, portfolio financing and cash management services for solar project developers.

For engineering, procurement and construction contractors, UOB is offering end-to-end, contract-based financing solutions, from bid bonds and letters of credit issuance to performance guarantees and working capital facilities.

Mr Wong Kim Choong, chief executive of UOB Malaysia, said: "Through our research and engagement with our customers, we observed that many of them think using solar power requires intensive upfront capital and is costly to maintain.

"With U-Solar, we hope to help our customers understand better the benefits of using solar power and to address their concern of costs by providing them with flexible repayment plans at competitive market rates."

UOB shares closed down 0.23 per cent at $25.89 yesterday.

A version of this article appeared in the print edition of The Straits Times on October 23, 2019, with the headline 'UOB programme aims to spur switch to solar power'. Print Edition | Subscribe