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UOB Malaysia positive on demand for solar power solutions post-COVID-19

KUALA LUMPUR, March 15 -- United Overseas Bank (Malaysia) Bhd (UOB Malaysia) is positive about the market demand for solar power solutions post-COVID-19 due to the affordable, accessible and reliable source of renewable energy.

UOB Malaysia country head of wholesale banking Ng Wei Wei said switching to a power source harnessed from the sun enables companies and individuals to save money while reducing their carbon footprint.

“The impact of the COVID-19 pandemic has changed the way people live, work and conduct business.

“As we transition into the post-COVID-19 era, more people are looking at how they can be more sustainable in their behaviours,” she said in a statement today.

As such, UOB Malaysia said it has built a strong pipeline of deals and expects the demand for its U-Solar solutions to increase with the measures introduced under Malaysia’s Budget 2021 and the new Net Energy Metering (NEM) 3.0 programme.

“These measures will further raise private sector participation, mainly in the manufacturing, industrial and services industries, to invest in green technology and clean energy,” the bank said.

The U-Solar programme is part of the UOB Smart City Sustainable Finance Framework, which guides the bank’s financing efforts to support the development of smart and sustainable cities across the region.

The bank said in Malaysia, the U-Solar programme had helped to generate 29,300 megawatt hours in solar power as at end-2020, which equates to more than 19,000 tonnes of carbon dioxide equivalent in greenhouse gas emission reduction -- or more than 316,000 tree seedlings grown for 10 years or more than 4,100 cars taken off the road for one year.

In November last year, UOB Malaysia was recognised for its efforts in promoting solar power adoption to businesses and consumers in Malaysia, receiving a Special Award for Sustainable Energy Financing (Conventional Financing) at the Ministry of Energy and Natural Resources Malaysia’s National Energy Awards 2020.

-- BERNAMA

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