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S’pore-based Terrenus Energy secures $300 mil from five banks to install solar panels atop HDB, gov’t buildings

Jovi Ho
Jovi Ho • 3 min read
S’pore-based Terrenus Energy secures $300 mil from five banks to install solar panels atop HDB, gov’t buildings
Solar panels installed on an HDB block in Tampines under the SolarNova programme. DBS served as financial adviser and mandated lead arranger for the loan. Photo: Terrenus Energy
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Singapore-based clean energy solutions provider Terrenus Energy has secured some $300 million in green financing from a consortium of five banks led by DBS D05 -

, according to a May 20 announcement. 

DBS served as financial adviser and mandated lead arranger for the loan, alongside Mizuho Bank, Siemens Financial Services through Siemens Bank GmbH Singapore Branch, Shanghai Pudong Development Bank Co., Ltd. Singapore Branch and China Construction Bank Corporation Singapore Branch. 

The green loan will finance the installation of solar photovoltaic panels on some 1,200 public housing blocks and 57 government sites, as well as commercial and industrial facilities. According to a joint release by Terrenus Energy and DBS, this represents one of the largest renewable energy deployments in Singapore to date. 

The photovoltaic panels will provide power to common areas at the installation sites, contributing to the Singapore government's objective of achieving a minimum of 2 gigawatt-peak of installed solar capacity by 2030. 

Proprietary smart power meters will also be installed in select public housing estates to gather and track energy consumption patterns and performance data under HDB's SolarNova programme. 

In addition, surplus green energy generated will be injected into the national grid.

See also: Trek 2000 furthers partnership with Terrenus Energy with $10 mil integrated solutions agreement

With this latest project, Terrenus Energy is poised to surpass 300 megawatt-peak in installed solar capacity. The annual electricity generation from its portfolio is estimated to power more than 80,000 four-room HDB flats for one year, offsetting some 150,000 tonnes of carbon emissions compared to traditional energy generation methods.

Established in 2016, Terrenus Energy developed the country’s first grid-connected solar farm and its largest land-based solar power plant, alongside other government and commercial projects.

See also: From 2021: Sembcorp wins new solar energy project from HDB, becomes leading solar energy provider in Singapore

Terrenus Energy CEO Charles Wong says 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, says the term loan facility 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 and 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 to shape a more sustainable future for generations to come.”

As at 11.18am, shares in DBS are trading 3 cents higher, or 0.08% up, at $35.73.

Photos: Terrenus Energy

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