Sunseap Group Obtains $85.8 Million Green Loan for Largest Solar Project in Singapore

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Sunseap Group has obtained $85.8 million in green financing for its project to install solar photovoltaic (PV) systems across more than 1,200 public housing blocks and 49 Government sites.

The project, called SolarNova 4, is the largest clean energy project in Singapore to date, said Sunseap.

The SolarNova programme is a whole-of-government effort led by the Housing and Development Board (HDB) and the Economic Development Board (EDB) to promote and aggregate demand for solar PV systems to achieve economies of scale and drive growth for Singapore’s solar industry.

Sunseap’s green financing framework is aligned to the International Capital Market Association’s Green Bond Principles 2018. This framework is utilised in the loan extended by DBS and UOB.

SolarNova 4, which has a capacity of 70 MWp and potentially up to 102 MWp, is estimated to generate 96,775 MWh.

Sunseap chief financial officer Keith Lim said “Global warming remains a clear and present danger to life on the planet and Sunseap will continue to ramp up our capabilities and do our part to ensure a clean and green future for current and future generations.”

The excess solar energy will support the tech company’s operations in Singapore, including Facebook’s first custom-built data centre in Asia.

Facebook had also previously signed a Virtual Power Purchase Agreement with Sunseap, to purchase renewable energy credits from the excess energy generated from solar panels in the SolarNova 4 project.

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