United Overseas Bank Plc (UOB) is launching the U-Energy programme, Asia's first integrated financing platform for energy efficiency.
The move is part of the bank's ambition to provide financing and solutions for green practices to create a sustainable ecosystem and form partnerships with homeowners, businesses and regional governments.
The platform should encourage building owners, energy service companies and other green contractors to build sustainable structures by offering funding in a streamlined and transparent process, said UOB.
The specific areas U-Energy promotes as energy-efficient include lighting, chillers, energy and power management systems, air conditioners, facades and elevators. For example, LED tubes or the installation of motion sensors for lighting control are promoted.
Energy-efficient solar projects are available on UOB's other platform, U-Solar, which was launched two years ago.
Offering funding through a guaranteed or shared savings agreement, U-Energy support is available to the following building types: residential, public buildings, offices, industrial, data centres, retail, hotels, and mixed development.
There are two types of contracting models available for building owners on the platform. The first is the direct purchase model that has building owners employ a contractor to buy energy-efficient equipment and help operate it.
The second model is energy-as-a-service. Energy service companies can help building owners by paying for the equipment as well as operating it. The building owners only pay for energy expenses while obtaining funding from the platform.
Aside from financing, U-Energy also promises insights, tools and solutions to assist users in making informed decisions and implementing sustainable practices, said UOB.
The programme has three primary goals: promoting sustainability awareness to the public, supporting players in an energy-efficient ecosystem with end-to-end solutions on the platform, and simplifying sustainable financing for end-users, said the company.
The platform has eight local partners, comprising the Thai companies Banpu Next, Econowatt, Energica and Goldmarktech, and the Thai subsidiaries of multinational companies Barghest Building Performance, CBM Facilities & Security Management, Energy Conservation.sg and Schneider Electric.
"This will be a great financial instrument as energy sustainability is important these days, especially given energy prices," said Prasert Sinsukprasert, director-general of the Department of Alternative Energy Development and Efficiency. "In the long term many countries, especially in Europe, will start implementing measures that ban products that emit greenhouse gases or have a high carbon footprint. You won't be able to sell your products there if they aren't carbon-neutral."
