IDCOL finances green energy projects

Infrastructure Development Company Limited (IDCOL) has financed the first Rooftop Solar project of FORTIS Group. The 428.22 kWp project will be implemented on the rooftop of K A Design Ltd, an RMG manufacturing concern of FORTIS Group, located at Boro Beraid, Badda, Dhaka, said a statement.

The rooftop solar project is a part of the on-going green initiatives of FORTIS group to use more environment-friendly technology and become less dependent on grid electricity by using renewable energy sources. Electricity produced from this project will not only reduce electricity bills of K A Design Ltd., but also reduce the diesel consumption during load-shedding.

In addition, the project owners can export unutilized electricity generated from the project to national grid through Net Metering Guideline 2018. Currently the unit cost of electricity from rooftop solar falls below Tk 8 and this makes the investment very lucrative.

The project will be implemented at a total project cost of Tk 29.9 million. Under the facility agreement, IDCOL is providing concessional loan of Tk 23.9 million. IDCOL has completed the first disbursement of the loan amount for the project and the project is expected to be completed very soon.