International law firm Bird & Bird has advised leading provider of renewable energy solutions Terrenus Energy on securing a significant SGD $300 million (approx. £176.6 million) in green financing from a consortium of five banks led by DBS. The deal represents one of the largest renewable energy deployments in Singapore to date, accelerating the country’s green ambitions.
The funding will enable the installation of photovoltaic panels in 1200 public housing blocks and 57 government sites, as well as commercial and industrial facilities. The 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.
The Bird & Bird team consisted of lead partners Niel Liebenberg (Finance & Financial Regulation) and Sandra Seah (Corporate), with support from associates Terrance Goh and Chelsea Chan (both Corporate).
On the transaction, partner Niel Liebenberg comments: “Congratulations to Terrenus Energy on closing the financing of this impressive solar project. It represents a significant step towards Singapore’s goal for renewable energy, representing one of the largest deployments in Singapore to date. We are proud to have represented Terrenus Energy in this landmark transaction. It was a wonderful experience working with the Terrenus team and the financing consortium and their counsel.”
Terrenus Energy CEO Charles Wong says: “The funding will enable the installation of photovoltaic panels in around 1200 (exact number is 1,198) public housing blocks and 57 government sites as part of the SolarNova programme by Singapore’s Housing & Development Board and Economic Development Board, as well as commercial and industrial facilities. The 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.”
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. 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.
