Terrenus Energy secures major solar project in Singapore with SGD 300 million in green financing

Terrenus Energy, a leading renewable energy solutions provider, has successfully secured approximately SGD 300 million in green financing from a consortium of five banks led by DBS. This green loan will fund the installation of photovoltaic panels on around 1,200 public housing blocks and 57 government sites, as well as on various commercial and industrial facilities. This initiative represents one of the largest renewable energy deployments in Singapore to date, significantly advancing the nation’s green ambitions.

DBS served as the Financial Advisor and Mandated Lead Arranger for the loan, in collaboration with Mizuho Bank, Siemens Financial Services via Siemens Bank GmbH Singapore Branch, Shanghai Pudong Development Bank Co., Ltd. Singapore Branch, and China Construction Bank Corporation Singapore Branch.

The photovoltaic panels installed through this project will provide power to common areas at the designated sites, contributing to Singapore’s goal of achieving at least 2 gigawatts-peak of installed solar capacity by 2030. Additionally, proprietary smart power meters will be installed in select public housing estates to monitor and track energy consumption patterns and performance data under the Housing & Development Board’s (HDB) SolarNova programme. Surplus green energy generated will be fed into the national grid.

With this project, Terrenus Energy is set to exceed 300 megawatts-peak in installed solar capacity. The annual electricity generation from its portfolio is projected to power more than 80,000 four-room HDB flats for one year, offsetting approximately 150,000 tonnes of carbon emissions compared to traditional energy generation methods.

“This financing represents a significant milestone for Terrenus Energy and underscores our commitment to leading the charge towards a greener, more sustainable future,” said Charles Wong, CEO of Terrenus Energy. “The solar industry is capital-intensive, and innovative financing methods are essential to drive progress in this space. We are grateful for the invaluable assistance and unwavering faith shown by DBS, Mizuho Bank, Siemens Bank, China Construction Bank, and Shanghai Pudong Development Bank in supporting our vision.”

Koh Kar Siong, Group Head of Corporate and SME Banking at DBS, commented, “As a purpose-driven bank, DBS is proud to be the financial advisor and mandated lead arranger for this term loan facility that will help Terrenus Energy move the needle in Singapore’s renewable energy landscape. The green loan not only supports the transition to solar energy sources but also directly contributes to the sustainability goals of the nation. It is an investment in the long-term sustainability and resilience of Singapore’s energy infrastructure. This aligns with our commitment at DBS to go beyond banking and shape a more sustainable future for generations to come.”