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UOB picks Malaysia for launch of solar power scheme

PETALING JAYA, Oct 22 — United Overseas Bank (UOB) has chosen Malaysia as the first ASEAN country for the launch of its U-Solar, which is part of the bank's regional plan to help companies and consumers switch to solar power.

UOB chief executive officer Wong Kim Choong said in collaboration with Malaysia’s market-leading solar power service providers, the bank hopes to drive greater adoption of solar energy by consumers in Malaysia. 

“A sustainable energy industry is key to maintaining the healthy development of the economy and community. It is in keeping with our joint responsibility to help in the region’s long-term economic, social and environmental well-being,” he said.

"With U-Solar we hope to help our customers understand better the benefits of using solar power and to address their concern of costs by providing them with flexible repayment plans at competitive market rates,” he said at the signing of a partnership agreement with Malaysian solar power service providers here today.

Minister of Energy, Science, Technology, Environment and Climate Change Yeo Bee Yin witnessed the signing of the partnership agreement between UOB and ERS Energy, PlusSolar and Solarvest.

UOB’s partners will offer installation, commissioning, operations and after-sales services for the solar power systems to consumers.

Yeo said she is glad that UOB has chosen Malaysia to launch the U-Solar, as the government is looking into different ways of diversifying its energy sources.

This shows that the country not only focuses on eco-friendly alternatives but also strives for sustainability by providing a new energy source that is cost-effective to the public, she said. 

“The government has set a goal whereby the country would achieve 20 percent of renewable energy by 2025, and the target is it will bring about RM33.2 billion worth of investments by that year,” she said.

-- BERNAMA

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