KUALA LUMPUR: UOB’s U-Solar programme has helped with the generation of 29,300 megawatt hours (MWh) of solar power in Malaysia as at end-2020 which is equivalent to planting more than 316,000 tree seedlings.
The bank offers businesses and consumers financial solutions to encourage the development and adoption of solar power across the Asean region through the U-Solar programme.
In a statement, the bank said the programme has contributed to greenhouse gas savings in the country or more than 4,100 cars taken off the road for a year.
UOB Malaysia country head of wholesale banking Ng Wei Wei (pic) said companies and individuals would save money and reduce carbon footprint as switching to solar power is more affordable.
“UOB Malaysia is positive about the market demand for solar power solutions. We have built a strong pipeline of deals and expect the demand for our U-Solar solutions to increase with the measures introduced under 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, ” she noted.
To ensure environmental sustainability, the government has proposed to continue with the green technology financial scheme, with an allocation of RM2bil for 2021 and 2022.
In addition, the new NEM 3.0 programme, which is expected to be rolled out next month, will enable consumers to install solar systems on the roofs of their premises and to sell excess power generated back to the grid so that they can offset their electricity bills.
In the Asean region, UOB said the programme has facilitated with the generation of close to 160 gigawatt hours of solar power across the region, equivalent to planting 1.3 million tree seedlings.
It added that the bank has reduced more than 77,200 tonnes CO2-equivalent in greenhouse gas emissions since the launch of U-Solar programme more than a year ago.
“This emission reduction is equivalent to having close to 1.3 million new tree seedlings grow over 10 years or taking close to 17,000 cars off the road for one year, ” it added.
UOB head of group wholesale banking and markets Frederick Chin said the group would accelerate the region’s progress to a lower- carbon economy and forge a sustainable future for a better Asean through its partners and cusromers.
“Through initiatives such as U-Solar, Asia’s first solar industry ecosystem, we provide a platform that helps drive the development of the solar power industry and promotes the use of renewable energy, ” it added.
OEL Realty Holdings Sdn Bhd managing director Heng Kuan Chor said the bank has provided a comprehensive solar power solution at its premise, completed with end-to-end service and affordable financing package.
“We estimate that the solution will generate an annual capacity of more than 934 MWh, which will translate to an equivalent of RM239,000 in cost savings in our utility bills per year.
“We are pleased to do our part in contributing to the country’s green transformation agenda. As part of our commitment to protect the environment for a better future, we will be implementing the switch to using clean sources of energy for the rest of the companies within the OEL Group, ” it added.