UOB launches expanded U-Solar programme in Singapore
U-Solar 2.0 will be rolled out in Malaysia, Thailand, and Indonesia in Q1 2023.
UOB has expanded its U-Solar programme in Singapore which will simplify access for solar project developers, contractors, and leading equipment suppliers to sustainable financing.
In a statement, UOB said the U-Solar 2.0 will provide contractors and developers with extended payment terms when they buy from the approved equipment suppliers under the programme.
It will enable green trade financing which addresses cash flow issues and working capital gaps and allows developers and contractors to fund their purchase of equipment and work on multiple projects simultaneously.
The bank said the “end-to-end collaborative approach” will drive sales volumes for equipment suppliers. It currently has six suppliers employed in the programme which include Canadian Solar, Huawei, JA Solar, Jinko Solar, LONGi and Trina Solar.
“By employing an end-to-end collaborative approach, UOB aims to simplify sustainable financing and accelerate the development of this critical sector,” said Frederick Chin, head of Group Wholesale Banking and Markets at UOB.
“U-Solar 2.0 supports solar developers, contractors and equipment suppliers in seizing new opportunities, as the region recognises solar energy as one of the most effective ways to reduce carbon emissions,” he added.
U-Solar 2.0 will be launched in Malaysia, Thailand and Indonesia in the first quarter of 2023.