Singapore modular solar panel company Photovoltaic Foundry expects to see its revenue increase from $2 million to $3 million in 2023. That is a 50 per cent growth and the realisation of a dream six years in the making for the company’s founder and chief executive officer Liong Hang Cek, thanks to a $650,000 green finance loan he received from DBS Bank. With the loan, he was able to unlock another revenue stream: a power purchase agreement (PPA), which refers to a long-term electricity supply agreement between two parties. Previously, Photovoltaic Foundry’s customers had only one option – to buy and maintain solar panels. With the PPA, potential clients now have a separate option – to buy the energy generated from the solar panels installed on their building at a discounted price.
Singapore modular solar panel company Photovoltaic Foundry expects to see its revenue increase from $2 million to $3 million in 2023 thanks to a $650,000 green finance loan received from DBS Bank. With the loan, the company was able to offer a power purchase agreement (PPA) to its customers, allowing them to buy the energy generated from the solar panels installed on their building at a discounted price.