UBS Singapore signs solar energy deal with Sembcorp
Singaporean integrated energy and urban development group will provide locally-sourced renewable power to support bank's operations over next 10 years
Earlier this year, The Asset reported that Swiss banking giant UBS confirmed plans to bring together its Singapore-based businesses to a new UBS office campus in the heart of the city.
The move, which is planned for the second half of 2020, will bring together employees from different offices into a 35,400-square-meter property that will feature innovative future workplace concepts.
The new office complex is built with high-quality environmentally-friendly materials, and has been awarded Singapore’s BCA Green Mark Platinum certification.
Now, the bank has inked a long-term solar energy deal in Singapore with homegrown integrated energy, marine and urban development group Sembcorp Industries.
As part of this deal, Sembcorp will provide locally-sourced renewable power to support UBS Singapore’s operations over the next 10 years.
Sembcorp will provide the renewable energy to UBS through the sale of renewable energy attributes from surplus power generated by more than 15,000 offsite rooftop solar panels totaling 6.3 megawatt-peak in capacity.
These solar panels will be installed on top of a 40,000-square-meter exhibition hall in Singapore by December 2019.
All surplus solar energy generated from these panels have been exclusively bought by UBS for its operations in its Singapore offices, one of the first financial institutions in Singapore to solely purchase solar power from a local solar energy supplier.
This partnership will run 25% of UBS’s annual consumption across all of its offices in Singapore, where the amount of renewable energy consumed will replace close to 20 million kilogrammes of carbon emissions in 10 years. By 2020, 100% of UBS operations in Singapore will fully run on renewable energy.
“UBS is committed to creating long-term positive impact for the global community in a proactive, purposeful and accountable manner,” says August Hatecke, country head UBS Singapore.
“We are delighted to partner with homegrown Singapore power player, Sembcorp, in the use of renewable energy in our Singapore offices, contributing to the reduction of the region’s carbon footprint, he added.
The agreement with the Swiss banking group represents Sembcorp’s first renewable energy partner in the financial services industry.
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