Singapore Renewables Firm Secures S$300 Million Green Loan

Terrenus Energy, a leading provider of renewable energy solutions, has successfully secured about S$300 million (US$223 million) in green financing from a consortium of five banks led by Singaporean lender DBS.

The green loan will finance the installation of photovoltaic panels on some 1,200 public housing blocks and 57 government sites, as well as commercial and industrial facilities. This represents one of the largest renewable energy deployments in Singapore to date and will accelerate Singapore’s green ambitions.

DBS served as Financial Advisor and Mandated Lead Arranger for the loan, alongside Mizuho Bank, Ltd., Siemens Financial Services through Siemens Bank GmbH Singapore Branch, Shanghai Pudong Development Bank Co., Ltd. Singapore Branch, and China Construction Bank Corporation Singapore Branch.

As part of the renewable energy deployment, the photovoltaic panels will provide power to common areas at the installation sites, contributing to the Singapore Government’s objective of achieving a minimum of 2 gigawatts-peak of installed solar capacity by 2030.

Proprietary smart power meters will also be installed in select public housing estates to gather and track energy consumption patterns and performance data under HDB’s SolarNova programme. In addition, surplus green energy generated will be injected into the national grid.

With this latest project, Terrenus Energy is poised to surpass 300 megawatts-peak in installed solar capacity. The annual electricity generation from its portfolio is estimated to power more than 80,000 four-room HDB flats for one year – equivalent to offsetting approximately 150,000 tonnes of carbon emissions compared to traditional energy generation methods.

Terrenus Energy CEO Charles Wong said: “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.”