The Singapore-based solar independent power producer develops, finances, installs and operates solar photo-voltaic systems for commercial, industrial and public sites in the Asia Pacific.
Lys Energy Group has received a $14 million loan from UOB, issued under the bank's Green Infrastructure Framework and its U-Solar program, the firm announced in a statement on Wednesday.
The funds will be used to finance Lys’ solar energy assets in Singapore and support its expansion as it seeks to drive the adoption of clean energy in the commercial and industrial sector across the region, the statement said.
«We hope that such collective efforts also help in encouraging more companies to make the switch to renewable energy sources such as solar power, as we focus on building a more sustainable future,» Eric Tham, head of Group Commercial Banking, said about UOB's support of Lys.
Encouraging Solar Energy Adoption
UOB's U-Solar program is the first solar industry ecosystem in Asia focusing on the development and adoption of renewable energy across Southeast Asia.
Under the program, the bank works with business and individuals who want to switch to solar energy, offering customizable financing schemes and bundled packages with solar energy providers.
Founded in 2012, Lys is one of the fastest-growing clean energy producers in the region, and has deployed more than 50MWp of high-performance solar photovoltaic systems, with a pipeline of more than 500MWp in Singapore and Southeast Asia
