KUALA LUMPUR: UOB Malaysia has expanded its existing U-Solar programme to simplify access to sustainable financing for local solar engineering, procurement, construction and commissioning (EPCC) contractors and project developers.
One of the benefits of the expanded programme, it said, was to provide contractors and developers with extended payment terms when they purchase from the programme’s approved equipment suppliers.
"Part of the programme’s suite of solutions is green trade financing to address cash flow issues and working capital gaps for developers and contractors who typically have longer projects receivable terms and may face short payment terms from equipment suppliers.
"With U-Solar 2.0, they will be able to finance the purchase of equipment and work on multiple solar projects simultaneously, speeding up the rate of solar adoption in the region," it said in a statement.
Meanwhile, the programme will also connect qualified contractors with end-users looking to install solar panels.
UOB said it offers exclusive packages to both businesses and homeowners through partnerships with nine EPCC contractors in Malaysia.
“Since the launch of U-Solar, we have provided close to RM1 billion in solar financing for corporates, small- and medium-enterprises (SMEs), and homeowners.
"We expect to boost our sustainable financing for solar energy by 50% in the next 12 months, driven by the favourable outlook of the solar energy industry and the government’s strong push towards renewable energy," said UOB Malaysia CEO Ng Wei Wei.
U-Solar, which was launched in October 2019, is Asia's first integrated solar energy financing platform that powers the development and adoption of renewable energy across Southeast Asia.
The programme offers a suite of financial solutions to encourage businesses and consumers to switch to solar power and drive the adoption of renewable energy in Malaysia.