Terrenus Energy Secures SGD 300 Million Green Financing for Major Solar Project in Singapore
Terrenus Energy, a leading renewable energy solutions provider, has obtained roughly SGD 300 million in green financing from a group of five banks led by DBS.
This green loan will pay for the installation of photovoltaic panels in around 1,200 public housing blocks, 57 government sites, as well as different commercial and industrial buildings. This effort marks one of Singapore’s largest renewable energy deployments to date, greatly furthering the country’s green goals. DBS was the Financial Advisor and Mandated Lead Arranger for the loan, working alongside Mizuho Bank, Siemens Financial Services via Siemens Bank GmbH Singapore Branch, Shanghai Pudong Development Bank Co., Ltd. Singapore Branch, and China Construction Bank Corporation Singapore Branch.
The photovoltaic panels installed under this project will power common spaces at the approved locations, helping Singapore meet its objective of generating at least 2 gigawatts-peak of installed solar capacity by 2030. Additionally, patented smart power metres will be put in certain public housing estates to monitor and measure energy usage trends and performance data as part of the Housing & Development Board’s (HDB) SolarNova programme. Surplus green energy produced will be sent into the national grid.
Terrenus Energy expects to achieve 300 megawatts of peak installed solar capacity with this project. The annual electricity generation from its portfolio is expected to power over 80,000 four-room HDB apartments for a year, offsetting about 150,000 tonnes of carbon emissions as compared to typical energy generation methods.
“This financing represents a significant milestone for Terrenus Energy and underscores our commitment to leading the charge towards a greener, more sustainable future,” said Charles Wong, CEO of Terrenus Energy. “The solar industry is capital-intensive, and innovative financing methods are essential to drive progress in this space. We are grateful for the invaluable assistance and unwavering faith shown by DBS, Mizuho Bank, Siemens Bank, China Construction Bank, and Shanghai Pudong Development Bank in supporting our vision.”
Koh Kar Siong, Group Head of Corporate and SME Banking at DBS, commented, “As a purpose-driven bank, DBS is proud to be the financial advisor and mandated lead arranger for this term loan facility that will help Terrenus Energy move the needle in Singapore’s renewable energy landscape. The green loan not only supports the transition to solar energy sources but also directly contributes to the sustainability goals of the nation. It is an investment in the long-term sustainability and resilience of Singapore’s energy infrastructure. This aligns with our commitment at DBS to go beyond banking and shape a more sustainable future for generations to come.”
Source: Terrenus Energy
