Sembcorp Industries will provide locally-sourced solar power to UBS offices over the next ten years, according to a joint announcement.
UBS will be Sembcorp’s first renewable energy partner in the financial services industry. This partnership will run 25% of UBS’s annual consumption across all of its offices in Singapore, where the amount of renewable energy consumed will replace close to 20 million kilograms of carbon emissions in 10 years. By 2020, 100% of UBS operations in Singapore will fully run on renewable energy.
Koh Chiap Khiong, Head of Singapore, Southeast Asia & China (Energy), Sembcorp, said, “With this deal with UBS, we are pleased to have on board our very first renewable energy partner in the financial industry, and we will fully support them in their journey towards a more sustainable future.”
Sembcorp will provide renewable energy to UBS Singapore offices through the sale of renewable energy attributes from surplus power generated by more than 15,000 offsite rooftop solar panels totaling 6.3 megawatt-peak (MWp) in capacity.
These solar panels will be installed on top of a 40,000 square meter exhibition hall in Singapore by December 2019. All surplus solar energy generated from these panels has been exclusively bought by UBS for its operations in its Singapore offices, one of the first financial institutions in Singapore to solely purchase solar power from a local solar energy supplier.
August Hatecke, Country Head UBS Singapore, said, “We are delighted to partner with homegrown Singapore power player, Sembcorp, in the use of renewable energy in our Singapore offices, contributing to the reduction of the region’s carbon footprint.”
This contract is not expected to have a material impact on the earnings per share and net asset value of Sembcorp Industries for the financial year ending December 31, 2019.
