Bank SinoPac (永豐銀行) expects to expand its loan book by NT$2 billion (US$66.3 million) on the back of a joint solar power financing program with the New Taipei City Government.
The program aims to install solar panels on factory rooftops in New Taipei City’s five main industrial zones to promote development of renewable energy sources and reduce carbon emissions, the company said.
Factory owners seeking to install solar panels and solar power system providers looking for rooftop space can take advantage of the program, the bank said
GROWING MARKET SHARE
The project is expected to help Bank SinoPac raise its share of the renewable energy loans market from 30 percent to 50 percent, it added.
The program provides loans of up to 80 percent of total installation costs, of which 20 percent would be made available to participants as a bridge loan in the early phases of the project, the bank said.
POWERFUL INCENTIVES
In the past, solar power financing initiatives required borrowers to complete system installations, as well as secure long-term power purchase agreements with state-run Taiwan Power Co (台電), before funds were made available, the bank said.
The 2,300 company-strong industrial hub in the region is expected to add 33 megawatts of annual solar power generation capacity, which would help to reduce 29,600 tonnes of carbon emissions, the bank said.
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