UOB launches U-energy, aims to drive energy efficiency for commercial, industrial and residential properties

UOB Malaysia deputy chief executive officer Ng Wei Wei (in red).

KUALA LUMPUR: UOB Malaysia has launched U-Energy, the first integrated financing platform in Asia that aimed to drive energy efficiency for commercial and industrial businesses as well as residential property owners.

Deputy chief executive officer Ng Wei Wei said following U-Energy’s first roll-out in Singapore, the bank would help Malaysian businesses and homeowners save on electricity bills, cut carbon emissions and achieve their sustainability goals.

"The potential for energy efficiency financing opportunities in ASEAN between 2020 and 2030 is estimated at US$139 billion (US$1=RM 4.22).

"With U-Energy, we are providing financing solutions to connect building owners, energy service companies (ESCOs) and green contractors as well as addressing the pinned points of homeowners and businesses in meeting their green agenda,” she said in her opening remarks at the U-Energy virtual launch today.

She said commercial and industrial building owners could opt for a direct purchase of the energy-efficient equipment or system with UOB green financing.

"Under this scheme, building owners may obtain a loan of up to RM25 million with a maximum seven-year loan facility, subject to optimal equipment and system sizing by the U-Energy partners.

"For homeowners, UOB Malaysia offers a zero per cent interest instalment plan of up to three years when UOB credit cards are used as the mode of payment for their energy efficiency retrofitting projects,” she said.

She said in Malaysia, the U-Energy platform featured ten ESCOs, which customers could tap for energy efficiency projects.

Ng said these U-Energy partners could support common energy efficiency projects such as improving chiller and air conditioning efficiency, installing solar panels on rooftops, switching to LED lights, optimising energy and power management systems and changing the building façade to reflect direct sunlight to reduce heat absorption as well as replacing elevators with energy-regeneration technology.

She said on average, the ESCOs on the U-Energy platform would help customers cut at least 20 per cent in energy consumption.

"At UOB we believe the demand for sustainable financing will continue to grow in Malaysia and across the region.

"There is an annual economic opportunity estimated at US$1 trillion to be tapped by 2030 in Southeast Asia. Similarly, UOB group aims to build a sustainable finance portfolio of SGD25 billion by 2025,” she said.

U-Energy is also supported by government agencies such as the Sustainable Energy Development Authority (SEDA) Malaysia, Malaysian Investment Development Authority and Malaysian Green Technology Corporation.

For more information, visit www.UOBgroup.com/u-energy. - Bernama

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