UOB unveils programme to help businesses, consumers switch to solar power

UOB's programme, U-Solar, was launched first in Malaysia, with a likely rollout in Singapore later this year. PHOTO: ST FILE

SINGAPORE - UOB has launched a programme that connects Asian businesses and individuals with its solar company partners to help clients go green and switch to solar power, it said on Tuesday (Oct 22).

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

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 fund the solar companies' capital needs.

This includes 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.

Wong Kim Choong, chief executive officer of UOB Malaysia, said: "Through our research and engagement with our customers, we observed that many of them think that 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 were unchanged at $25.95 during the midday trading break.

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