[News] UOB launches U-Solar programme in Thailand to support local solar industry ecosystem
- February 10, 2020
- Posted by: iecc_admin2
Partners Banpu Plc., Bangkok Solar Power and K.G. Solar to promote adoption of solar power among companies and consumers
United Overseas Bank Thai (UOB) today launched U-Solar, Asia’s first solar industry ecosystem , in Thailand to lead the take-up of renewable energy nationwide. Through the U-Solar programme, the bank connects businesses and consumers across the solar industry value chain and helps their transition to a low-carbon economy. The programme is also available in Indonesia, Malaysia and Singapore.
In supporting the growth of the solar power industry, UOB provides solar project developers with solutions in green financing, project loans and portfolio financing, as well as cash management services. For Engineering, Procurement Construction (EPC) contractors, UOB offers end-to-end contract-based financing solutions, from bid bonds and letters of credit issuance to performance guarantees and working capital facilities.
To promote the adoption of solar power by end-users which include companies and consumers seeking solar power solutions for their factories, offices or homes, U-Solar offers a one-stop shop for them to plug easily into the services provided by UOB’s partners across the region. They can also tap UOB’s financing solutions for the installation, operation and maintenance of solar power systems based on their business or personal needs.
The launch in Thailand was officiated by Mr Sontirat Sontijirawong, Minister of Energy, and Mr Anupap Kuvinichkul, Senior Director of the Banking Supervision Department, Bank of Thailand.
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The government has been continuously promoting renewable energy in Thailand. UOB aims to increase the share of the country’s total renewable energy power generation from 10 per cent in 2019 to 37 per cent or 20,755 megawatts (MW) in 2037. The Ministry of Energy has previously implemented several schemes, such as the feed-in premium and feed-in tariff scheme, to stimulate investments in the renewable energy sector.
Mr Sontirat Sontijirawong, Minister of Energy, said: “The Ministry also recently launched the 700MW Community-based Power Plant Programme to promote power generation from renewable energy resources, including biomass, biogas, as well as hybrid systems comprising bio-based, wind and solar energy.
“This programme is aligned with the Ministry of Energy’s Energy for All policy that aims to enable the local community, especially low-income residents, to participate in the production of renewable power sources to earn more income. Through the programme, we not only accelerate the development and deployment of renewable energy but also help to boost local livelihoods.”
Mr Tan Choon Hin, Chief Executive Officer and President of UOB, said: “With the Thai government driving growth of the renewable energy sector, we believe the U-Solar programme can help progress the solar power industry in Thailand. By encouraging the development and the adoption of solar power among local corporates and consumers, we can play a part in building a greener future for the country.”
UOB has partnered with the leading integrated energy solutions company in Asia-Pacific, Banpu Public Company Limited, and EPC contractors, including Bangkok Solar Power and K.G. Solar, to offer businesses and homeowners installation, commissioning, operations and after-sales service packages for solar power systems.
To help with the costs of installing and maintaining the system, UOB will provide businesses with solar equipment financing up to 45-million baht and homeowners zero per cent interest instalment plan for up to 24 months.
For more information, please visit www.uobgroup.com/u-solar-th/index.page.