UOB has launched U-Energy on Oct 13, the first integrated financing platform in Asia.
U-Energy is part of UOB’s suite of sustainable financing solutions under the bank’s smart city sustainable finance framework.
The platform will drive the development and adoption of energy efficiency projects for buildings and homes across four countries, starting in Singapore.
This will be followed by Malaysia, Thailand and Indonesia.
See: UOB and ADDX announces $50 mil sustainability-linked digital bond
Through the platform, the bank will help businesses and homeowners save on electricity bills, cut carbon emissions and achieve their sustainability goals.
In Singapore, the bank aims to tackle the carbon emissions from buildings and construction projects, in a bid to meet the country’s target of reducing emissions by 36% by 2030.
According to UOB, U-Energy was developed to address the gap in the interest among building owners and homeowners, and the lack of financing support.
At launch, the platform will have nine energy service companies that customers can tap on for energy efficiency projects.
The partners under U-Energy can support projects such as improving chiller and air conditioning efficiency, installing solar panels on rooftops, as well as other initiatives.
Separately, with UOB’s green financing scheme, commercial and industrial building owners can obtain a loan of up to $10 million with a maximum seven-year loan facility. 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 will offer a 0% interest installment plan of up to three years when they use their UOB credit cards as a mode of payment.
