UOB-backed U-solar to contribute to solar capacity target

The U-Solar programme generates close to 160 gigawatt hours of solar power across the region.

U-Solar, the solar energy programme of UOB, plans to meet Singapore's demand for solar energy over the coming years.

In a statement, the bank said it expects Singapore's annual power demand to grow in a rate of up to 3.1% over the next decade, increasing the demand for solar energy to be a part of the overall energy mix.

To meet this goal, U-Solar will facilitate the generation of no less than 51,000 megawatt hours of solar power in the city state.

"As a leading financial institution in the region, UOB recognises the role we can play in contributing to economic and environmental well-being. Through initiatives such as U-Solar, Asia’s first solar industry ecosystem, we provide a platform that helps drive the development of the solar power industry and promotes the use of renewable energy," UOB head of group wholesale banking and markets Frederick Chin said in a statement.

U-Solar operates in Singapore, Malaysia, Indonesia, and Thailand.