IDCOL funds 1.60 MWp Renata rooftop solar project
Thursday, 18 August 2022
The Infrastructure Development Company Limited (IDCOL) is going to finance a rooftop solar project of Renata Limited, says a statement.
The 1.60 MWp project will be implemented on factory rooftops of Renata Ltd., located at Mirpur, Rajendrapur, Bhaluka, Keraniganj, Feni, Sylhet, Rangpur, Mymensingh, Bogura, Faridpur, Cumilla and Dhaka.
The total cost of the project is Tk 88.6 million (8.86 crore). The IDCOL is providing a concessional loan of Tk 70.9 million (7.09 crore) to Renata Limited. The project is expected to be fully operational by September 2023.
The rooftop solar project is part of the on-going green initiatives of Renata Limited to use environment-friendly technologies and become less dependent on grid electricity by using renewable energy sources. The electricity produced from this project will reduce Renata Limited's electricity bills. Currently, the unit cost of electricity from rooftop solar panels is less than Tk 7 which makes the investment financially attractive.
Under its Rooftop Solar Financing Scheme, IDCOL plans to finance 300 MWp of solar PV installations on industry rooftops by 2025.
Renata Ltd. has been actively implementing several environmental initiatives, installation of solar systems being one of them to generate electricity on-site and reduce CO2 emissions.
On this occasion, IDCOL Executive Director and CEO Alamgir Morshed 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."
The signing ceremony was attended by IDCOL Executive Director and CEO Alamgir Morshed, its Head of Renewable Energy Md. Enamul Karim Pavel along with other officials of IDCOL. Renata Ltd. CEO and Managing Director Syed S. Kaiser Kabir, its Mirpur Plant Head of Engineering Mehdi Zaman and other officials were also present.