IDCOL to finance solar project at cold storage

FE Team | Published: October 12, 2018 22:02:04

Executive Director and CEO of IDCOL Mahmood Malik and Chairman of Egarosindur Cold Storage Ltd. Md Mir Hossain exchanging documents after signing an agreement recently, under which IDCOL will finance the first rooftop solar project at the cold storage with a capacity of 322.5 kWp

The Infrastructure Development Company Limited (IDCOL) signed a facility agreement with Egarosindur Cold Storage Ltd. (ECSL) recently, says a statement.
Under the agreement, IDCOL will finance first rooftop solar project at the cold storage with a capacity of 322.5 kWp.
The project is expected to reduce grid electricity and electricity generated by diesel generators for captive consumption of the ECSL and thus reduce electricity expenses of ECSL.
The total cost of the project is Tk 25.12 million, 20 per cent of which will be invested by ECSL as equity and the remaining 80 per cent will be financed by IDCOL as loan at an interest rate of 6.0 per cent for 10 years.
Mahmood Malik, Executive Director and CEO of IDCOL, and Md Mir Hossain, Chairman of Egarosindur Cold Storage Ltd., signed the agreement on behalf of their respective organisations.
Other senior officials of IDCOL and Egarosindur were present at the signing ceremony.