Sunseap Group Private Limited (Sunseap) has secured an SGD85.8 million green loan to finance a solar photovoltaic (PV) rooftop program called the SolarNova project in Singapore, which is the largest green energy project in the country to date. The green loan has been secured from United Overseas Bank Limited (UOB) and DBS Bank Limited and the lenders will supply the credit on a 50/50 basis.
Under the fourth phase of the government tendered SolarNova project, solar panels will be installed on more than 1,200 public housing blocks and 49 government sites. This phase of the project is expected to have a total generation capacity of 70 MWp which can later be scaled up to 102 MWp.
The Housing Development Block (HDB) and the Singapore Economic Development Board (EDB) are leading the SolarNova programme, with the HDB aiming to develop 330 MWp of solar production capacity on 6,901 housing blocks by the end of the decade. Sunseap secured the contract to execute the project in 2019 and started installation works during 2020.