September 16 (Renewables Now) - Swiss investment bank UBS Group AG (SWX:UBSG) will be purchasing surplus power generated by a 6.3-MWp solar array on the rooftop of the Changi Exhibition Centre (CEC) in Singapore.
The bank has signed a ten-year power purchase agreement (PPA) with utility group Sembcorp Industries Ltd (SGX:U96) for the locally sourced power, with which it will meet 25% of the annual consumption of all UBS offices in Singapore.
Sembcorp is building the solar array for the CEC owner and manager Experia Events Pte Ltd which will use it to power its own operations at the site. All that is left will be supplied to UBS.
The system will consist of more than 15,000 photovoltaic (PV) panels capable of generating over 7,840 MWh annually. The installation of the panels will be completed by December 2019.
UBS said it plans to have all of its operations in Singapore run 100% on renewable energy by 2020.