Banking News

UOB extends S$14 million Green Loan to LYS Energy Group

UOB extends S$14 million Green Loan to LYS Energy Group

(1 April 2020 – Singapore) UOB has entered into an agreement with Lys Energy Group, a Singaporean home-grown Solar Independent Power Producer (IPP), providing the group with a S$14 million green loan.

The loan is issued under UOB's Green Infrastructure Framework as part of the bank's U-Solar programme, the first solar industry ecosystem in Asia to power the development and adoption of renewable energy across Southeast Asia. It will be used to finance LYS's solar energy assets in Singapore and support the group's expansion in the region.

 

“The COVID-19 pandemic, with its sudden outbreak and its ferocity, forces us to realize how fragile we are as human beings are. While the sanitary crisis and climate change are two separate problems, I trust that the post-pandemic era will open on the observation that our environment is also very delicate and require a subtle balance with global economic activity” LYS’s Founder and CEO Lionel Steinitz commented.

 

“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” stated UOB Head of Group Commercial Banking, Eric Tham.

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