Sembcorp will provide renewable energy through the sale of all surplus power produced by over 15,000 offsite rooftop solar panels
Sembcorp Industries (Sembcorp) and UBS have signed a long-term solar energy deal that will see the power player supplying renewable power to support the Swiss Bank’s Singapore operations over the next 10 years.
Under the deal, Sembcorp will provide renewable energy through the sale of all surplus power produced by over 15,000 offsite rooftop solar panels with a combined capacity of 6.3MW -peak in capacity.
By December, the panels will be installed on top of a 40,000 square metre exhibition hall in Singapore.
The Swiss Bank has purchased all surplus solar energy generated from these panels for its operations in its Singapore offices.
Sembcorp’s Southeast Asia & China (Energy) Singapore head Koh Chiap Khiong said: “The paradigm shift towards being environmentally responsible is seeing more companies wanting to minimise or eradicate their carbon footprint, and Sembcorp is committed to meeting society’s growing need for green energy.
“With this deal with UBS, we are pleased to have onboard our very first renewable energy partner in the financial industry, and we will fully support them in their journey towards a more sustainable future.”
UBS operations in Singapore to fully run on renewable energy by 2020
According to the deal, the partnership will run 25% of UBS’s annual consumption across all its Singapore offices, replacing some 20 million kilogrammes of carbon emissions in 10 years. The Swiss bank is planning to have its entire Singapore operations run fully on renewable energy by 2020.
UBS Singapore’s country head August Hatecke, added: “As a global firm, UBS strives to go beyond our duty to protect the environment and continually improve our systems to ensure responsible behaviour in all aspects of our operations. By 2020, we aim to have 100% of UBS operations in Singapore fully run on renewable energy.”
Currently, Sembcorp has over 2.6GW of wind and solar power projects across Singapore,, China and India.