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IDCOL finances 1.60 MWp Rooftop Solar Project of Renata

Infrastructure Development Company Limited (IDCOL) is going to finance the rooftop solar project of Renata. 

The 1.60 MWp project will be implemented on the factory rooftops of Renata, located at Mirpur, Rajendrapur, Bhaluka, Keraniganj, Feni, Sylhet, Rangpur, Mymensingh, Bogra, Faridpur, Comilla, and Dhaka, reads a press release. 

The total cost of the project is Tk8.86 crore. Under the facility agreement, IDCOL is providing a concessional loan of Tk7.09 crore to Renata. The project is expected to be fully operational by September 2023.

The rooftop solar project is part of the ongoing green initiatives of Renata to use environmentally friendly technologies and become less dependent on grid electricity by using renewable energy sources. 

The electricity produced from this project will reduce Renata’s electricity bills. Currently, the unit cost of electricity from rooftop solar is less than Tk7 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 has been actively implementing several environmental initiatives, the installation of solar systems being one of them to generate electricity on-site and reduce CO2 emissions.

On this occasion, Executive Director & CEO of IDCOL 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 Alamgir Morshed, Md Enamul Karim Pavel, Head of Renewable Energy along with other officials of IDCOL. 

Syed S Kaiser Kabir, CEO & Managing Director, Renata, Mehdi Zaman, Head of Engineering, Mirpur Plant, Renata and other officials of Renata were also present during the ceremony.

Read More: IDCOL finances 1.60 MWp Rooftop Solar Project of Renata

2022-08-17 08:04:22

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