United Overseas Bank (UOB) launched U-Solar, Asia's first solar industry ecosystem for the adoption and development of renewable energy in Southeast Asia with Malaysia, the first in the ASEAN country, where UOB's U-Solar ecosystem first rolls out.
UOB knows that sustainable energy is the key for the healthy development of any economy.
Wee Ee Cheong, deputy chairman, and chief executive officer said that in working with ecosystem customers and partners in tapping into opportunities in the solar power industry, there will be a positive economic and social impact.
UOB's U-Solar has financial solutions supporting the solar power value chain from engineering, procurement, and construction (EPC) contractors and project developers.
Included also in the solar power value chain are the end-users of solar power: the companies and consumers.
Solutions in UOB's green financing include cash management services, project loans and portfolio financing.
For EPC contractors, the UOB U-Solar offers end-to-end contract-based financing solutions, ranging from bid bonds and letters of credit issuance to performance guarantees including working capital facilities.
The bank's U-Solar's online portal connects industry players to customers that want solar power for their homes, factories or offices.
To make it easy for the end-users, companies and consumers, U-Solar has a one-stop shop where customers can plug easily into the services offered by UOB's partners.
UOB Malaysia is working with leading local solar energy service providers ERS Energy, PlusSolar and Solarvest.
These solar energy providers will have installation, commissioning, operations and after-sales service packages dispelling thoughts that using solar power needs intensive upfront capital and is costly to maintain.
Wong Kim Choong, chief executive of UOB Malaysia, assures that U-Solar offers flexible repayment plans at competitive rates.
UOB's U-Solar program as an ecosystem is Asia's first integrated solar energy marketplace with key markets Indonesia, Malaysia, Singapore, and Thailand.
For companies adopting solar power with limited upfront capital, these companies can purchase a solar power system for their factory or office with the green loan offered by the bank.
They can also apply for the two percent rebate under the government's Green Technology Financing Scheme 2.01.
Likewise, there are benefits from the government's tax incentives under the Green Investment Tax Allowance and Green Investment Tax 1A.
Businesses can sign also up for a long-term solar power leasing agreement with the Bank's U-Solar partners.
Homeowners, likewise, get a zero percent interest installment plan for up to 36 months for the purchase of a solar power system.
They can also have zero upfront costs for services provided by the bank's U-Solar partners that include on-site assessment, installation, and maintenance of their solar power panels and systems.
UOB's U-Solar will help the Sustainable Energy Development Authority (SEDA), Malaysia's Net Energy Metering (NEM) program and MESTECC's (Minister of Energy, Science, Technology, Environment and Climate Change) renewable energy target of 20 percent.
