Sembcorp Industries has entered a deal to provide locally-sourced renewable power for UBS’s Singapore offices over the next 10 years, the two companies said in a filing to SGX Thursday.
The deal will run 25 percent of UBS’s annual consumption at its Singapore offices, with the amount of renewable energy used set to replace nearly 20 million kilograms of carbon emissions in 10 years, the filing said.
“UBS is committed to creating long-term positive impact for the global community in a proactive, purposeful and accountable manner,” August Hatecke, UBS’s country head in Singapore, said in the statement.
“As a global firm, UBS strives to go beyond our duty to protect the environment and continually improve our systems to ensure responsible behavior in all aspects of our operations. By 2020, we aim to have 100 percent of UBS operations in Singapore fully run on renewable energy,” Hatecke added.
The renewal power will be sourced from surplus power generated by more than 15,000 rooftop solar panels set to be installed on top of a 40,000 square meter exhibition hall by December, the filing said.
In June, Sembcorp entered a long-term deal with Experia Events to install, own and operate a 6.3 megawatt peak rooftop solar system on the Changi Exhibition Centre.
UBS has exclusively purchased all of the surplus energy from these panels for its Singapore offices’ operations, making it one of the first financial institutions in the city-state to only purchase solar power from a local provider, the filing said. UBS is also Sembcorp’s first energy partner in the financial services industry, the filing said.
In April, UBS said it would consolidate its Singapore businesses in a campus at 9 Penang Road, supported by its tech and operations hub in Changi.
Sembcorp has nearly 170 megawatt peak of rooftop solar power projects across 1,500 sites in Singapore, the filing said. In addition, Sembcorp said it has more than 2,600 megawatts of wind and solar power projects across Singapore, China and India.
Sembcorp’s strategy calls for it to double its global renewable portfolio and reduce its greenhouse gas emissions intensity by around 22 percent by 2022, the filing said.
“The paradigm shift towards being environmentally responsible is seeing more companies wanting to minimize or eradicate their carbon footprint, and Sembcorp is committed to meeting society’s growing need for green energy,” Koh Chiap Khiong, head of energy for Singapore, Southeast Asia and China at Sembcorp, said in the statement.