UOB Thailand has rolled out U-Solar 2.0, an expansion to the U-Solar programme, with nine industry-leading solar equipment suppliers as new programme partners. The roll-out was officiated by Mr Khomgrich Tantravanich, Secretary General, Office of the Energy Regulatory Commission. With comprehensive end-to-end support throughout the value chain, the enhancement aims to empower Thailand's solar energy industry to rapidly elevate and expedite the development.
Nine new equipment suppliers, namely, Antai, Canadian Solar, Fimer, Huawei, JA Solar, Jinko Solar, LONGi, Sungrow and Trina Solar, joined the U-Solar programme to provide quality solar modules, inverters and mounting systems to developers and contractors in Thailand and across the region. Polytechnology also joined the programme as a distributor to facilitate greater and more efficient trade activities within the solar ecosystem.
Additionally, Sitron Power, an engineering, procurement and construction (EPC) contractor, joined the network of partners to provide businesses and homeowners with installation, commissioning, operations and after-sales service packages for solar power systems.
Mr Tan Choon Hin, Chief Executive Officer and President, UOB Thailand said, "At UOB, we are dedicated to driving the region's transition to a net zero economy and one way of doing this is through the U-Solar programme in Thailand. This programme helps to connect the solar ecosystem and accelerate the deployment of renewable energy, supporting the country's sustainable development goals. By bringing together solar developers, contractors and equipment suppliers, we are making sustainable financing easier for our customers and taking a comprehensive approach to promoting sustainable practices."
Since the launch of U-Solar in early 2020, UOB Thailand has extended around 3.12-billion-baht worth of green loans. This has enabled more than 1,800 Thai businesses and homeowners to transition to solar energy.
Part of the programme's suite of solutions is green trade financing. It is designed to address cash flow issues and working capital gaps for developers, and contractors. With U-Solar 2.0, they will be able to receive extended payment terms to finance the purchase of equipment from the programme's approved suppliers and work on multiple solar projects simultaneously, speeding up the rate of solar adoption in the country.
Anchored by UOB's Smart City Sustainable Finance Framework[1], U-Solar 2.0 expands the programme's offerings to players across the entire solar value chain, by including green trade financing under UOB's Green Trade and Working Capital Sustainable Finance Framework[2]. Both UOB frameworks will enable the wider adoption of green energy, deepening collaboration with industry partners to further enable clients to meet their decarbonisation targets.
Collectively across the region, the U-Solar programme has contributed to the reduction of more than 186,000 tonnes of greenhouse gas emissions. This is equivalent to over 40,000 passenger cars taken off the road for a year or more than 3 million tree seedlings grown over 10 years. For more information on U-Solar, please visit www.uobgroup.com/u-solar-th/
[1] UOB launches its Smart City Sustainable Finance Framework, the first by a bank in Asia to help more companies advance responsibly
[2] UOB Green and Sustainable Trade Financing
Source: Chomchaviwan