Sunseap Group Pte Ltd, one of Southeast Asia’s largest sustainable energy providers, has received a $15 million loan from United Overseas Bank (UOB) for a series of solar projects in Singapore.
These 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.
Mr Lawrence Wu, Co-Founder and Director of Sunseap, said: “We are delighted to have received the support of a forward-thinking organisation such as UOB, one that is known for their strong support of SMEs. The loan demonstrates UOB’s confidence in the solar industry in general and Sunseap in particular. “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.”
Mr Eric Tham, Head of Group Commercial Banking, UOB, said, “As a leading bank in Asia, 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.”
To-date, Sunseap has more than 160 megawatts of contracted solar project capacity in Singapore, which has been deployed or is in the course of being deployed. Some of its clients include Apple, Housing Development Board, Singapore American School, Raffles Institution, the United Technologies Group and ABB.
Sunseap also has a pipeline of overseas projects in Cambodia, India, Thailand, Vietnam, Malaysia and Australia. In Cambodia, Sunseap has received the backing of the Asian Development Bank to build the country’s first large-scale solar power farm. The farm is expected to begin operations in August this year.