BD co to set up SHS at 1,500 branches of India\\\'s IDFC

FE Team | Published: July 04, 2015 00:00:00 | Updated: November 30, 2026 06:01:00

Ismail Hossain
Solaric, a Bangladeshi renewable energy company, has inked an agreement to set up solar home system (SHS) at 1,500 branches of India's leading finance corporation -- Infrastructure Development Finance Company Ltd (IDFC).
The company, a third generation SHS and nano-grid solar technology developer and manufacturer, has already covered more than 350,000 people across more than 61,500 villages to have renewable energy in Bangladesh.
"We will start installing full-fledged SHSs at 1,500 branches of IDFC from this month (July)," Solaric Managing Director Didar Islam told the FE.
IDFC and Solaric signed an agreement in March last for installing SHS.
Solaric, short for Solar Inter-continental Limited, a US-Bangla joint venture, was founded in 2009.
SEAF Bangladesh Ventures, an International Finance Corporation (IFC) fund, initially invested in the project in May 2011.
"I am very much grateful to SEAF and IFC as it has primarily believed on my innovation to develop and manufacture SHSs, back-up systems, and nano-grid systems," Didar Islam told the FE.
However, SEAF exited its investment in April 2015 as Solaric no more needs their fund.
The Solaric is now penetrating into the markets of Nepal and Tanzania with its products.
Didar Islam thinks his SHS and nano-grid solar technology can be used to light up the entire 'off-grid' Bangladesh, apart from being installed as back-up power solution in rural areas.
As of now, power generation and energy sector has been operated under the government or public-private partnership (PPP) because the sector is not profitable, he said.
However, Mr Islam believes his nano-grid technology can be commercially viable without government or donor help.
In fact, Solaric has been successfully operating 50 nano-grid systems across Bangladesh for over a year already.
Solaric's micro-inverter technology can convert 12 volts into 125 volts, the utility level voltage that enables the clients to use LED lights, TVs, laptops, fans, and charging mobile phones.
Mr Islam said the previous SHSs had limited load capacity that could only run a fan and light bulb with customised gadgets.
"Solaric innovated such a system where people can use anything they want with solar power in the same way that they use electricity with micro-inverter technology," he said adding the technology has been developed only in Bangladesh.
bdsmile@gmail.com