On November 2, Infrastructure Development Company Limited (IDCOL) signed a facility agreement with GPH Renewable Energy Ltd to finance their first rooftop solar project.
Under the Project, GPH will install 3.90 MWp solar PV systems on the factory rooftops of GPH Ispat Ltd. located at Chittagong and 2.15 MWp on the rooftop of Eco Ceramics Industries Ltd at Munshigonj, reads a press release.
Electricity produced from this project will not only reduce the electricity bills of GPH but also reduce diesel consumption during load shedding.
In addition, the project owners can export unutilized electricity generated from the project to the national grid through Net Metering Guideline 2018.
Under this facility agreement, IDCOL will provide a concessional loan of up to 80% of the project cost.
Alamgir Morshed, executive director and CEO of IDCOL and Md Jahangir Alam, chairman of GPH Group signed the agreement on behalf of their respective organizations.
On this occasion, Alamgir Morshed said GPH is doing a fantastic job by contributing to the economy of Bangladesh. Its first rooftop solar project will encourage others to focus on green energy sources.
To promote rooftop solar projects, IDCOL is not only providing concessionary loan facilities but also providing technical assistance to borrowers, he added.
Md Enamul Karim Pavel, head of Renewable Energy, IDCOL, Mohammed Jabed Emran, chief risk officer, IDCOL, Kamrul Islam, FCA, executive director, Finance and Business Development, GPH Group and other officials of both organizations were present at the signing ceremony.
