LYS Energy Group (LYS), the leading Singapore home-grown Solar Independent Power Producer (IPP), has received a S$14 million green loan from United Overseas Bank (UOB). The loan is issued under the UOB’s Green Infrastructure Framework as part of the Bank’s U-Solar programme, the first solar industry ecosystem in Asia to power the development and adoption of renewable energy across Southeast Asia (SEA).
The loan will be used to finance LYS’ solar energy assets in Singapore and to support the Group’s expansion as it seeks to drive the adoption of clean energy in the commercial and industrial sectors across the region.
Corporate sector leaders are increasingly prioritising the need for responsible and sustainable business practices. This has also brought about a surge in the demand for clean energy in Singapore and in SEA.
LYS’ efforts to promote the use of clean energy are in line with that of the Singapore Government’s push to scale-up the use of renewable energy, including solar deployment, in its power sector.
LYS has deployed more than 50MWp of high-performance solar photovoltaic (PV) systems, with a pipeline of more than 500MWp in Singapore and South East Asia. It is one of the fastest-growing clean energy producers and end-to-end solutions providers, with a five-star portfolio of commercial and industrial projects and customers across diversified and multiple industries.
These comprise energy-intensive industries such as aerospace, electronics, food and beverage, logistics, manufacturing, pharmaceutical, and real estate.
Mr. Lionel Steinitz, Founder and Chief Executive Officer of LYS Energy Group, said:
“LYS Energy Group is delighted to be partnering with a committed and forward-thinking financial institution such as UOB to play our respective roles in the transition to a decarbonised economy and to increase our involvement in the clean energy sector.
The COVID-19 pandemic, with its sudden outbreak and its ferocity, forces us to realise how fragile we are as human beings are. While the sanitary crisis and climate change are two separate problems, I trust that the post-pandemic era will open on the observation that our environment is also very delicate and require a subtle balance with global economic activity.
LYS Energy, the group that I founded in 2012, and now part of Langa International, has been a pioneer in rolling-out distributed solar solutions and a key figure of renewables in South East Asia. Our holistic approach to sustainable development, through GHG emissions measuring and reporting, carbon footprint reduction and offsetting, has granted us the praise of our clients, appreciative of the innovative solutions that we tailored for them.
Following the entry of the French Sovereign Wealth Fund in our group (Banque Publique d’Investissement or BPIfrance), this green loan marks another important milestone for LYS Energy in our journey to bolster the adoption of a low-carbon energy path in Singapore and SEA. Further, it acknowledges our company’s dynamic and robust business solutions, combined with solid technical expertise to innovate and deploy high-quality solar PV systems. UOB’s support will help to accelerate our company’s expansion and enable us to promote the adoption of renewable energy across the region.”
Mr. Eric Tham, Head of Group Commercial Banking, UOB, said:
“Through our U-Solar programme, UOB has been working actively with our clients, including LYS Energy Group, to accelerate the use of solar energy in Singapore and across the region. Our support of LYS is another example of how we can all work together to contribute to the long-term economic, social and environmental well-being of our community. We hope that such collective efforts also help in encouraging more companies to make the switch to renewable energy sources such as solar power, as we focus on building a more sustainable future.”
About LYS Energy Group:
LYS Energy Group (LYS) is the leading Singapore home-grown Solar Independent Power Producer (IPP) that builds, owns and operates Solar PV Systems for Commercial, Industrial and Public sites in the Asia Pacific region.
The company provides Asia’s trusted Renewable Energy platform offering hassle-free end-to-end clean energy solutions for businesses: from zero-capex solar energy (PPA), Renewable Energy Certificates (RECs), turnkey Engineering Procurement Construction (EPC) and Operations & Maintenance (O&M;) services, to carbon emissions and energy management consulting.
Without expending any resources, our customers can benefit from installing solar PV systems on their unused rooftops and site spaces, lower and predictable utility costs and strengthen their sustainability branding. Through a set of newly developed innovative solutions, future adopters have ﬂexibility in the way they want to consume green and clean electricity.
Since its incorporation, LYS has deployed over 50MWp of high-performance solar PV systems, with a pipeline of over 500MWp in Singapore and across the region in Vietnam, Indonesia, Malaysia, Thailand and Philippines.
LYS Energy aims at being a vector of the Energy Transition towards a more distributed, autonomous and smart model. Incorporating distributed generating facilities, energy storage systems and smart grid, the company re-invents the energy industry towards a customer-centric prosumer era.
About United Overseas Bank:
United Overseas Bank Limited (UOB) is a leading bank in Asia with a global network of more than 500 offices in 19 countries and territories in Asia Pacific, Europe and North America. Since its incorporation in 1935, UOB has grown organically and through a series of strategic acquisitions. UOB is rated among the world’s top banks: Aa1 by Moody’s Investors Service and AA- by both S&P; Global Ratings and Fitch Ratings. In Asia, UOB operates through its head office in Singapore and banking subsidiaries in China, Indonesia, Malaysia, Thailand and Vietnam, as well as branches and representative offices across the region.
Over more than eight decades, generations of UOB employees have carried through the entrepreneurial spirit, the focus on
long-term value creation and an unwavering commitment to do what is right for our customers and our colleagues.
We believe in being a responsible financial services provider and we are committed to making a difference in the lives of our stakeholders and in the communities in which we operate. Just as we are dedicated to helping our customers manage their finances wisely and to grow their businesses, UOB is steadfast in our support of social development, particularly in the areas of art, children and education.