Ashurst and its Singapore formal law alliance ADTLaw advised DBS Bank and the United Overseas Bank as mandated lead arrangers, lenders and hedging banks on their SGD86.8 million (USD64.4 million) green loan financing for the largest clean energy project in the city-state to date.
The SolarNova 4 programme is a government project to install solar photovoltaic (PV) systems across more than 1,200 public housing blocks and 49 government sites.
The project will be developed by Sunseap, one of Singapore’s largest clean energy providers. The loan uses their green financing framework, which aligns with the International Capital Market Association’s Green Bond Principles 2018, the Loan Market Association’s Green Loan Principles 2018, and Asean Green Bond Standards 2018.
