Sunseap lands $43m loan to put solar power systems on Singapore rooftops

SINGAPORE - Local renewable energy firm Sunseap has secured a $43 million green loan to install solar power systems on rooftops across Singapore that combined, can generate enough energy to power more than 9,600 four-room HDB flats for one year.

On Thursday (June 20), Sunseap said that the funding, from United Overseas Bank (UOB), will be used to install a series of solar photovoltaic (PV) systems on the rooftops of 210 sites, ranging from commercial and industrial to government premises.

The solar power generated will also help reduce greenhouse gas emissions by 17,000 tonnes per year.

This follows an earlier $50 million loan Sunseap received from Dutch bank ING in April, to fund a 50 megawatt portfolio of rooftop solar projects in the Republic.

The rooftop solar projects, developed and owned by Sunseap subsidiary Sunseap Commercial Assets, will range from about 100 kilowatts to five megawatts in size, and will benefit from long-term power purchase agreements with more than 20 international and domestic commercial and industrial corporates such as PSA.

Sunseap is one of the players in Singapore's open electricity market.

On the loan from UOB, Lawrence Wu, president and executive director at Sunseap, said they are "delighted to have received the support of a forward-thinking institution such as UOB, which is known for their strong support of Singapore enterprises".

Choo Kee Siong, UOB's head of industry groups, group commercial banking, said the bank is committed to working with clients to support the development of sustainable cities and communities.

"Our continued financing of Sunseap's activities is another example of how we promote and contribute to the region's transition to renewable energy sources. We will continue to focus on identifying more opportunities to help economies, industries and companies reduce their carbon footprint," Mr Choo added.