U-Solar to facilitate transition to renewable energy
United Overseas Bank (UOB) recently launched U-Solar, the first solar industry ecosystem in the region, designed to power the development and adoption of renewable energy across Southeast Asia.
Through U-Solar, the bank connects businesses and consumers across the entire solar power value chain and helps them play their roles in an collective move towards transition to a low-carbon economy.
Malaysia is the first country in Asean where UOB is rolling out its U-Solar ecosystem.
Through U-Solar, the bank offers a range of financial solutions in support of the solar power value chain: from solar project developers, engineering, procurement and construction (EPC) contractors to the end-users of solar power, including consumers and companies.
In supporting growth of the solar power industry, UOB provides solar project developers with solutions in green financing, such as sukuk, project loans and portfolio financing, as well as cash management services.
For 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.
Through U-Solar’s online portal, the bank also connects these industry players to potential customers seeking solar power solutions for their factories, offices or homes.
To promote the adoption of solar power by the end-users including companies and consumers, U-Solar offers a one-stop shop for them to plug easily into the services offered 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 in making the switch to solar power.
Wee Ee Cheong, Deputy Chairman and Chief Executive Officer, said: “A sustainable energy industry is key to maintaining healthy development of the economy and community. In working together with our ecosystem partners and customers to open up and to tap opportunities in the solar power industry, we can create a positive economic and social impact. It is in keeping with our joint responsibility to help in the region’s long-term economic, social and environmental well-being”.
