,Singapore
Photo courtesy of Wikimedia Commons

UOB unveils financing platform for businesses, homeowners’ green energy needs

The U-Energy platform has nine partners that can support energy efficiency projects.

UOB has launched U-Energy, a financing platform that can reportedly help businesses and homeowners save electric bills, cut carbon emissions, and achieve their sustainability goals.

Touted as the first integrated financing platform in Asia, U-Energy aims to provide financing support to building owners and homeowners who are keen to take on energy efficiency projects to reduce energy consumption.

Globally, buildings and construction projects account for 38% of carbon emissions, according to the Global Alliance for Buildings and Construction. In Singapore, this will be a key area to tackle in order to meet the country’s target of reducing carbon emissions by 36% from the 2005 levels by 2030, UOB said.

At launch, the U-Energy platform will have nine energy service companies that customers can tap for energy efficiency projects. These partners can support energy efficiency projects such as improving chiller and air conditioning efficiency, installing solar panels on rooftops, switching to LED lights, optimising energy and power management systems and changing the building façade to reflect direct sunlight to reduce heat absorption, as well as replacing elevators with energy-regeneration technology.

Commercial and industrial building owners can opt for a direct purchase of the energy-efficient equipment or system with UOB’s green financing. Under this, building owners may obtain a loan of up to $10m with a maximum seven-year loan facility, subject to optimal equipment and system sizing by the U-Energy partners. 

Loan applications of building owners who are existing UOB customers will be put on a fast-track approval process. 

Alternatively, building owners can take up the “energy-as-a-service” model where UOB will provide green loans to the U-Energy partners at no upfront cost to building owners.

For homeowners, the bank offers a zero percent interest installment plan of up to three years when UOB credit cards are used as the mode of payment for their energy efficiency retrofitting projects.

Through U-Energy, the bank hopes to drive the development and adoption of energy efficiency projects for buildings and homes in Singapore, followed by Malaysia, Thailand and Indonesia.

On average, the energy service companies on the U-Energy platform will help customers cut at least 20% in energy consumption, said UOB.

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Anju Abrol has over 30 years of banking experience.
Tse Yi-Mun will lead the bank’s north Asia branch as its managing director and group head.
Clients can now purchase SC Hong Kong’s wealth management products.
Citi plans to offer around 100 types of wealth products from the mainland.
Agents can apply for the loan through the BRILink Mobile application.
The delinquency ratio has been on the decline since May 2018.
The market is forecasted to rebound by over 15% in 2021.
The fund aims to achieve a potential monthly dividend payout of 5% per annum.
Its Vice President of Solution Consulting in Singapore discussed how to bridge the digital gap and humanise the banking experience in the new normal.
There is an increased demand for loans for home purchases and 'jeonse.’
The partnership is eyeing 16 million customers by 2025.
The U-Energy platform has nine partners that can support energy efficiency projects.
The bank expects its own climate financing in 2019-2021 to reach $17b.