Sunseap secures $43m loan to install solar panels on rooftops

(From far left) Mr Lawrence Wu, Sunseap's president and executive director; Ms Lilian Foo, Sakae Holdings' chief executive and executive director; Mr Choo Kee Siong, UOB's head of industry groups, group commercial banking; and Mr Edmund Leong, UOB's
(From far left) Mr Lawrence Wu, Sunseap's president and executive director; Ms Lilian Foo, Sakae Holdings' chief executive and executive director; Mr Choo Kee Siong, UOB's head of industry groups, group commercial banking; and Mr Edmund Leong, UOB's head of group investment banking, at the rooftop of Sakae's headquarters in Tai Seng, where solar panels have been installed.PHOTO: UOB

Local renewable energy firm Sunseap has secured a $43 million green loan to install solar power systems on rooftops across Singapore.

The solar panels will be able to generate enough energy to power more than 9,600 four-room HDB flats for a year.

Sunseap said yesterday that the funding from United Overseas Bank (UOB) will be used to install panels on the rooftops of 210 sites, ranging from commercial to industrial to government premises.

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

Sunseap received a $50 million loan from Dutch bank ING in April to fund a 50MW portfolio of rooftop solar projects here.

The rooftop projects will range from about 100 kilowatts to 5MW in size, and will benefit from long-term power purchase agreements with more than 20 corporates such as PSA.

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

  • 210

    The number of sites on which Sunseap will be installing rooftop solar panels using the funding from United Overseas Bank.

Sunseap president and executive director Lawrence Wu said the firm is "delighted to have received the support of a forward-thinking institution such as UOB, which is known for its strong support of Singapore enterprises".

Mr 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."

A version of this article appeared in the print edition of The Straits Times on June 21, 2019, with the headline 'Sunseap secures $43m loan to install solar panels on rooftops'. Print Edition | Subscribe