The latest developments in the ESG space.

A group of banks in Singapore has put together a S$300 million ($222.9 million) green loan for solar panel provider Terrenus Energy, a firm based in the Asian city-state. 

Along with lead arranger DBS, other banks in the financing are Mizuho Bank, Siemens Financial Services, China Construction Bank and Shanghai Pudong Development Bank Co, DBS said in a statement yesterday. 

Solar panels will be installed on 1,200 public housing blocks and 57 government sites, as well as commercial and industrial facilities. 

Singapore’s government said it wants to produce at least 2 gigawatts-peak of installed solar capacity by 2030. Proprietary smart power meters will also be installed in selecedt public housing estates to gather and track energy consumption patterns and performance data under HDB's SolarNova programme. In addition, DBS said that surplus green energy generated would 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 with traditional energy generation methods, DBS said.