IDCOL finances first rooftop solar project

The Infrastructure Development Company Limited (IDCOL) has financed the first rooftop solar project of Hatil Complex Limited, said a press release.
The 2.67 mw project would be implemented on the factory rooftops of Hatil Complex Limited, located at Kashimpur in Gazipur.
The total cost of the project is Tk 177.80 million (17.78 crore).
The signing ceremony was attended by Alamgir Morshed, executive director and CEO of IDCOL, SM Monirul Islam, deputy CEO and CFO of IDCOL, Md Enamul Karim Pavel, head of Renewable Energy of IDCOL, and Selim H Rahman, managing director of Hatil Complex Ltd, Rezaul Karim, company secretary of Hatil Complex Ltd.
Under the facility deal, IDCOL is providing concessional loan of Tk 142.30 million (14.23 crore) to Hatil Complex Limited. The project is expected to be operational by April 2023.
The rooftop solar project is a part of the on-going green initiatives of Hatil Complex Limited to use environment friendly technologies and become less dependent on grid electricity by using renewable energy sources.
The project will reduce Hatil Complex Limited's electricity bills. In addition, the project owner can export unutilised electricity generated from the project to the national grid as per the Net Metering Guideline 2018. Currently, the unit cost of electricity from rooftop solar is less than Tk 7.0 which makes the investment financially attractive.
Under its Rooftop Solar Financing Scheme, IDCOL plans to finance 300 mw of solar PV installations on industry rooftops by 2025.
Alamgir Morshed, executive director and CEO of IDCOL, said: "IDCOL has set a target to finance 300 MWp rooftop solar projects by 2025. Accordingly, IDCOL is not only providing concessionary loan facility but also providing technical assistance to borrowers of rooftop solar projects."