DBS Bank gives SGD 40 million loan to Sembcorp Industries for a 60 MWp floating solar project

DBS Bank has provided a SGD 40 million loan to Sembcorp Industries to set up a 60 MWp floating solar PV system on Tengeh Reservoir in the Tuas, singapore. The bank is the sole financier for the floating solar project, which is expected to be commissioned in 2021. Once complete, the project will be Singapore’s first large-scale floating solar PV system and one of the largest floating solar PV systems in the world. The development of the floating solar project is in line with Singapore’s target of setting up at least 2 GWp of solar capacity by 2030. With this project, Sembcorp’s solar portfolio in Singapore will reach approximately 240 MWp. Since 2018, DBS Bank has completed 29 renewable energy projects amounting to around SGD 3.6 billion across Asia.

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