Signify joins UOB Thailand’s U-Energy programme to help consumers achieve greater energy efficiency

Signify joins UOB Thailand’s U-Energy programme to help consumers achieve greater energy efficiency

Mr Tan Choon Hin, President and CEO, UOB Thailand (left) and Mr Jagannathan Srinivasan, Managing Director, Signify Commercial (Thailand) Ltd. (right)
Mr Tan Choon Hin, President and CEO, UOB Thailand (left) and Mr Jagannathan Srinivasan, Managing Director, Signify Commercial (Thailand) Ltd. (right)

UOB Thailand on 2 December 2022 signed a partnership agreement with Signify (formerly known as Philips Lighting) to provide flexible financing support under the U-Energy programme. This will encourage more small-and medium-sized enterprises (SMEs) and business customers to transition to more energy and cost-efficient lighting solutions for their workplaces.

Signify joins the existing network of energy service in the U-Energy programme which was launched earlier this year. The other energy service companies in the programme include BanpuNext, Barghest Building Performance (BBP), CBM Thailand, Econowatt, Energica, Energy Conservation, Goldmarktech and Schneider Electric. 

Signify’s participation in the programme will expand the options available to hotels and industrial, retail and office buildings seeking energy-efficient lighting solutions.   

Mr Tan Choon Hin, President and CEO, UOB Thailand, said, “This partnership with Signify is opportune as an increasing number of businesses in Thailand are looking to transition to more energy-efficient products. Through this partnership, we will harness our respective strengths and expertise to quicken the adoption of energy-efficient products and facilitate Thailand’s transition to a net zero economy.”

Mr Jagannathan Srinivasan, Managing Director, Signify Commercial (Thailand) Ltd., said, “I am very excited about what we can accomplish working together through this partnership. We estimate that 15 per cent to 20 per cent of electricity consumed in Thailand is used for lighting without the adoption of energy-efficient solutions. This lighting energy consumption will continue to rise significantly driven by population growth and urbanisation. We aim to help light up Thailand with solutions that save money and energy while contributing to a greener planet – without compromising quality or ambience. As a carbon neutral company that is an industry leader on the Dow Jones Sustainability Index, we are in a position to help a large numbers of customers to enjoy the triple benefit of lower energy consumption, lower operating costs and lower carbon footprint. This partnership enables us to advance that journey.”

Signify has implemented more than 300 smart lighting projects across commercial, residential, industrial and public spaces in Thailand, including UOB Plaza Bangkok. 

U-Energy simplifies sustainable financing with flexible financing options that allow building owners to opt for direct purchase of the energy efficiency solutions and services from the energy service company partners, while obtaining financial support from UOB. Alternatively, building owners can take up the “energy-as-a-service” model option, where UOB will provide green loans to the U-Energy partners at no upfront cost to building owners.

U-Energy is a part of UOB’s suite of Sustainable Financing solutions under the UOB Smart City Sustainable Finance Framework. In line with the United Nations Sustainable Development Goals, UOB’s sustainable financing frameworks enable companies to apply for green or sustainability-linked banking products without having to develop their own financing framework.

For more information on U-Energy, please visit https://www.uobgroup.com/u-energy/thailand/index.page.

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