Renewable energy solutions provider Terrenus Energy has secured about S$300 million ( US$222.99 million ) in green financing from a consortium of five banks led by DBS, which served as financial adviser and mandated lead arranger for the loan, alongside Mizuho Bank, Siemens Financial Services through Siemens Bank ( Singapore ), Shanghai Pudong Development Bank ( Singapore ) and China Construction Bank Corporation ( Singapore ).

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, representing one of the largest renewable energy deployments in Singapore to date and will accelerate its green ambitions.

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 the Housing and Development Board ( HDB )’s SolarNova programme. In addition, surplus green energy generated will be injected into the national grid.

With this latest project, Terrenus 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 with traditional energy generation methods.

“The solar industry is capital-intensive, and innovative financing methods are essential to drive progress in this space,” says Charles Wong, the company’s CEO.

Koh Kar Siong, DBS’ group head of corporate and SME banking, adds: “The green loan not only supports the transition to solar energy sources, but it 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.”