Bird & Bird recently advised LYS Energy Group (LYS) in its S$14 million green loan obtained from United Overseas Bank (UOB) under its Green Infrastructure Framework as part of the Bank's U-Solar programme, the first solar industry ecosystem in Asia focusing on the development and adoption of renewable energy across Southeast Asia (SEA). The financing will be used to fund LYS’ solar energy assets in Singapore and to support the Group’s expansion as it seeks to drive the adoption of clean energy in the commercial and industrial sectors across the region.
With the increasing attention by corporate sector leaders on responsible and sustainable business practices, the demand for clean energy in Singapore and in SEA has grown tremendously. LYS is one of the fastest-growing clean energy producers and end-to-end solutions providers servicing commercial and industrial projects and customers across diversified and multiple industries including energy-intensive industries such as aerospace, electronics, food and beverage, logistics, manufacturing, pharmaceutical, and real estate. LYS has deployed more than 50MWp of high-performance solar photovoltaic (PV) systems, with a pipeline of more than 500MWp in Singapore and SEA.
The transaction was led by Singapore partner Sandra Seah, who was assisted by associates Eef Gerard Van Emmerik and Chelsea Chan. The Bird & Bird Sydney team comprising partner James Durnall and associates Justine Abel and Gouri Bhardwaj also provided their expertise on the project financing angle.
Sandra Seah, partner at Bird & Bird ATMD says: "We are proud to assist LYS in its efforts to promote the use of clean energy in alignment with the Singapore Government’s push to scale-up the use of renewable energy, including solar deployment, in its power sector. The loan is also granted to LYS under UOB's U-Solar programme, the first solar industry ecosystem in Asia to power the development and adoption of renewable energy across Southeast Asia (SEA). The Singapore and Sydney teams collaborated seamlessly to close the transaction within a very short timeframe and also developed some new relationships in the process."
