Genex Infrastructure inked a deal with the Bangladesh University of Engineering and Technology (Buet).
Under this agreement, Genex will deliver roof-top solar panel systems as an alternative source of power to 24 buildings out of the 100 structures of the top engineering institution in the country, thus generating a maximum of 3-megawatt power, reads a press release.
Additionally, Genex will extend financing to Energy Performance Contracting (EPC), a form of creative financing for capital improvement which allows funding for cost-effective energy upgrades, under Buet's supervision.
Buet will use the electricity and pay the bill at a pre-agreed tariff which will be less than the current DPDC tariff to Genex infrastructure under a power purchase agreement for the next 25 years.
Education Minister Dr Dipu Moni said that she is happy that Buet took this initiative first as an educational institution and hopes that this will create an example for other educational institutions.
Pro Vice-Chancellor Professor of Buet Dr Abdul Jabbar Khan and Genex Infrastructure Managing Director Mohammed Tanzidul Alam expressed gratitude to the government for introducing net metering guidelines to flourish solar technology in Bangladesh.
Tanzidul Alam said: “The implementation of the guideline is only possible by integrating technology to fill the gap due to the lack of necessary software in the electricity distribution companies. Government can support us further by minimizing the import tax, enabling us to usher in a greater number of overseas investors for the renewable energy sector.”.
The signing ceremony took place in the presence of Dr Dipu Moni MP, Buet Vice-Chancellor Professor Satya Prasad Majumder, Pro Vice-Chancellor Professor Dr Abdul Jabbar Khan, Genex Infrastructure Managing Director Mohammed Tanzidul Alam, Executive Director Md Enayetul Islam, Chief Operating Officer Tanvir Mosaddaque, Head of Operation Nurul Alom Sohail, Head of Business (International) Harun-or-Rashid, amongst other officials from both parties.
