Terrenus Energy secures SGD 300m green loan facilitated by DBS

Singapore.20 May 2024

Funding will enable Terrenus to accelerate its deployment of one of the largest renewable energy projects in Singapore to date

Singapore, 20 May 2024 - Terrenus Energy, a leading provider of renewable energy solutions, has successfully secured about SGD 300 million in green financing from a consortium of five banks led by DBS. The green loan will finance the installation of photovoltaic panels on some 1,200 public housing blocks and 57 government sites, as well as commercial and industrial facilities. This represents one of the largest renewable energy deployments in Singapore to date and will accelerate Singapore’s green ambitions.

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

As part of the renewable energy deployment, the photovoltaic panels will provide power to common areas at the installation sites, contributing to the Singapore Government's objective of achieving a minimum of 2 gigawatts-peak of installed solar capacity by 2030. Proprietary smart power meters will also be installed in select public housing estates to gather and track energy consumption patterns and performance data under HDB's SolarNova programme. In addition, surplus green energy generated will be injected into the national grid.

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

Terrenus Energy CEO Charles Wong said, “This financing represents a significant milestone for Terrenus Energy and underscores our commitment to leading the charge towards a greener, more sustainable future. 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, said, “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 and 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 to shape a more sustainable future for generations to come.”


About DBS
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.

Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia“ award by Global Finance for 15 consecutive years from 2009 to 2023.

DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets.

DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting businesses for impact: enterprises with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping underserved communities with future-ready skills and helping them to build food resilience.

With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.

About Terrenus Energy 
Established in 2016, Terrenus Energy is a leading clean energy solutions provider in Singapore specialising in the design and development of renewable energy systems and technologies. The company developed the country’s first grid-connected solar farm and its largest land-based solar power plant, alongside other government and commercial projects. Its aim is to expand renewable deployment in the region through innovative solutions, driven by its dedication to the global movement against climate change and the support of its government and corporate partners.

Website: www.terrenus.energy
LinkedIn: https://www.linkedin.com/company/terrenusenergy/