UOB injects $15m funds for solar projects in Singapore

The funding was given to Sunseap Group.

Singapore banking giant United Overseas Bank (UOB) lent $15m to Sunseap Group for a series of solar projects in Singapore.

The projects include the 9.5 MegaWatt peak (MWp) solar photovoltaic (PV) system at Jurong Port, the world’s largest solar PV system installed in a port, and the 2.4 MWp solar PV system at consumer electronics company Panasonic.

UOB head of group commercial banking Eric Tham said the bank is supportive of clean technology projects.

"UOB is committed to supporting investments, such as clean technology projects, that contribute to the sustainable development of economies and communities. We are pleased to be funding solar-powered initiatives that will help reduce the carbon footprint of companies in Singapore,” he said.

Sunseap director and co-founder Lawrence Wu said the loan demonstrates UOB’s confidence in the solar industry in general.

“We are optimistic of the prospects for renewable energy in Singapore and the region, and believe that more enterprises in Singapore will embark on green initiatives,” he noted.