DBS Bank announced on Thursday has recently provided a $40 million loan facility to Sembcorp Industries to build a 60 megawatt-peak (MWp) floating solar photovoltaic (PV) system on Tengeh Reservoir in Tuas, Singapore.
The reservoir, scheduled to begin full commercial operations in 2021. it covers an area of around 32 hectares and will generate energy to power about 16,000 four-room HDB flats, offsetting about 32 kilotons of carbon emissions annually.
Singapore aims to achieve a solar target of at least 2 gigawatt-peak (GWp) by 2030. As part of its transition to a low-carbon economy, With this project, Sembcorp will be one of the largest renewable energy players in Singapore with 240 MWp (approximately) of solar capacity.
Lim Wee Seng, DBS Bank’s head of Energy, Chemicals and Infrastructure stated that Enabling renewable energy financing is at the core of DBS’ agenda and is one of the key tenets of our sustainability strategy.
DBS seeks to differentiate itself in renewables financing – capturing financial advisory opportunities so we shape and influence early, he added .
Recently, National Water Agency PUB and Sembcorp Floating Solar Singapore, a wholly-owned subsidiary of Sembcorp Industries (Sembcorp), are pleased to announce the commencement of construction of the 60 megawatt-peak (MWp) floating solar photovoltaic (PV) system on Tengeh Reservoir.
Ng Joo Hee, Chief Executive, PUB said, “With this floating solar power plant, which we believe to be one of the largest in the world, PUB takes a big step towards enduring energy sustainability in water treatment. Solar energy is plentiful, clean and green, and is key to reducing PUB’s and also Singapore’s carbon footprint.
This large-scale floating solar PV system at Tengeh Reservoir – the first of its kind in the region – will enable Singapore to be one of the few countries in the world to integrate green technology with water treatment. When the project begins full commercial operations next year, the amount of clean energy generated will be sufficient to power PUB’s local water treatment plants, offsetting 7% of PUB’s annual energy needs.