United Renewable Energy (URE) Signs NT$6.8 Billion Syndicated Loan Agreement with First Commercial Bank and Partner Banks

United Renewable Energy (URECO / 3576 TT) announced today that its NT$6.8 billion syndicated loan, jointly arranged by First Commercial Bank and CTBC Bank, was officially signed on June 29, 2023. The agreement was executed by First Commercial Bank Chairperson **Ms. Lee Yueh-chin** on behalf of the banking consortium and **URE Chairperson Mr. Hung Chuan-hsien**. The syndicated loan received enthusiastic participation from the banking sector, achieving an oversubscription rate of 193%. The final funding amount was successfully set at NT$6.8 billion, underscoring the strong confidence of Taiwan’s financial institutions in URE and their solid support for renewable energy development.

The syndicated loan totals NT$6.8 billion with a three-year term, extendable for an additional two years. The deal was co-arranged by First Commercial Bank and CTBC Bank, with Taiwan Cooperative Bank, Land Bank of Taiwan, Mega Bank, and Bank SinoPac serving as joint lead banks. Other participating lenders include Entie Commercial Bank, Shanghai Commercial & Savings Bank, Shin Kong Bank, KGI Bank, and Taiwan Business Bank—eleven institutions in total.

United Renewable Energy maintains a strong financial position, with a current ratio of 201%, a debt ratio of 48.07%, and an interest coverage ratio as high as 496%. The company also holds NT$17.1 billion in tangible assets. With robust financial indicators, URE will continue to invest in solar and energy storage systems to generate high and stable fixed returns, further strengthening and optimizing its financial structure.

Chairperson **Hung Chuan-hsien** emphasized that URE has long been committed to renewable energy and to improving the global environment through sustainable energy solutions. On the generation side, URE continues to enhance solar module conversion efficiency, adopt larger cell and module formats, increase energy output per unit area, and reduce the cost of electricity generation. As of the end of 2022, URE held approximately 170 MW of solar power plant assets, generating an estimated 210 million kWh annually—enough to power 57,000 households per year—and reducing carbon emissions by roughly 106,120 metric tons annually, equivalent to the carbon absorption of around 275 Daan Forest Parks. By the end of 2023, URE’s grid-connected capacity is expected to reach 250 MW.

On the energy-saving front, URE’s ongoing improvements in production and R&D processes resulted in 2,449,213 kWh of electricity saved in 2022, with carbon intensity reduced by 11.8% compared to 2021—demonstrating the company’s firm commitment to energy efficiency. URE continues to expand its presence in the global renewable energy market, from module manufacturing to solar power plant development, construction, O&M, and sales. Its recent achievements in energy storage products and market deployment further highlight URE’s growth potential and leadership in the global renewable energy landscape. URE remains dedicated to advancing the combined applications of renewable energy and energy storage domestically and internationally. The company also extends its appreciation to the government and the banking consortium for their strong support, which has enabled URE to shine on the global stage and secure a pivotal role in the renewable energy market.