Renewable energy company Terrenus Energy has obtained approximately SGD300m ($222m) in green financing from a group of five banks headed by DBS.

About 1,200 public housing blocks, 57 government locations, as well as commercial and industrial buildings, will all have solar panels installed due to the green loan.

This will advance Singapore’s green aspirations and constitutes as one of the effective renewable energy deployments in Singapore to date.

Together with Mizuho Bank, Siemens Financial Services through Siemens Bank GmbH Singapore Branch, Shanghai Pudong Development Bank, Singapore Branch, and China Construction Bank Corporation Singapore Branch, DBS functioned as the loan’s mandated lead arranger and financial adviser.

The Singaporean government aims to achieve at least 2 gigawatts-peak of installed solar capacity by 2030.

Moreover, the photovoltaic panels deployed as part of the renewable energy deployment would power communal spaces at the installation sites.

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In order to collect and monitor energy consumption trends and performance statistics as part of HDB’s SolarNova initiative, proprietary smart power meters will also be placed in a few public housing estates. Furthermore, excess renewable energy will be fed into the national grid.

With the completion of this most recent project, Terrenus Energy will have installed solar capacity that exceeds 300 megawatts peak.

Compared to conventional energy generation methods, the yearly electricity generation from its portfolio is anticipated to be sufficient to power over 80,000 four-room HDB flats for a whole year, offsetting nearly 150,000 tons of carbon emissions.

Terrenus Energy CEO Charles Wong stated: “This financing represents a significant milestone for Terrenus Energy and underscores our commitment to leading the charge towards a greener, more sustainable future. 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, added: “As a purpose-driven bank, DBS is proud to be the financial advisor and mandated lead arranger for this term loan facility that 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.”

DBS Group Holdings named seasoned technologist Eugene Huang as chief information officer (CIO) last month.

Reporting to CEO Piyush Gupta, Huang will serve as a member of the DBS Group executive committee in this capacity.

Huang, a seasoned professional with a combined 36 years of technology and banking experience, joins DBS from Ping An Group, where he oversaw a staff of 22,000 workers that offered a comprehensive range of IT services to all of Ping An’s businesses, involving infrastructure, cybersecurity, middleware, and customer-facing apps.