Sembcorp inks deal to supply solar power to UBS' Singapore offices

Sembcorp Industries will supply renewable power to Swiss bank UBS' Singapore operations over the next 10 years.

It will be carried out by selling off all surplus power generated by around 15,000 offsite rooftop solar panels totalling 6.3MW-peak in capacity, which has been bought by UBS.

These panels will be installed on a 40,000 sq m exhibition hall by December, Sembcorp said yesterday.

The partnership will begin by running 25 per cent of UBS' annual consumption across all its Singapore offices, replacing around 20 million kg of carbon emissions in 10 years.

By next year, the bank plans to have its entire Singapore operations run fully on renewable energy.

UBS Singapore country head August Hatecke said: "As a global firm, UBS strives to go beyond our duty to protect the environment and continually improve our systems to ensure responsible behaviour in all aspects of our operations."

UBS announced plans in April to bring together its Singapore-based businesses at a new campus in Penang Road featuring customised health and well-being facilities as well as innovative workplace concepts.

This hub will be supported by the bank's tech and operations hub in Changi, both of which will be powered by renewable energy.

Sembcorp said the contract is not expected to have a material impact on its earnings per share and net asset value for the financial year ending Dec 31.

A version of this article appeared in the print edition of The Straits Times on September 13, 2019, with the headline 'Sembcorp inks deal to supply solar power to UBS' Singapore offices'. Print Edition | Subscribe