Home Finance IDCOL Will Finance 1.60MWp Rooftop Solar Project of Renata Limited

IDCOL Will Finance 1.60MWp Rooftop Solar Project of Renata Limited

IDCOL Will Finance 1.60MWp Rooftop Solar Project of Renata Limited
Photo Courtesy: IDCOL

Infrastructure Development Company Limited (IDCOL) will finance the rooftop solar project of Renata Limited. The 1.60 MWp project will be implemented on the manufactory rooftops of Renata Ltd., located at Rajendrapur, Bhaluka, Keraniganj, Feni, Sylhet, Rangpur, Mymensingh, Bogra, Faridpur, Cumilla, and Dhaka of Bangladesh. The cost of the project is Tk8.86 crore. With the agreement, IDCOL is providing a concessional loan of BDT 7.09 crore to Renata Limited. The project is supposed to be fully operational by September 2023. The article contains IDCOL Will Finance 1.60MWp Rooftop Solar Project of Renata Limited.

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

At the meeting, IDCOL Executive Director and CEO 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.” In addition, the electricity produced from this project will reduce Renata Limited’s electricity bills. Currently, the unit cost of electricity from rooftop solar is less than BDT 7, 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 Ltd. has been actively implementing several environmental initiatives, the installation of solar systems being one of them to generate electricity on-site and eliminate CO2 emissions. The signing ceremony was presented by Alamgir Morshed, Executive Director and CEO, IDCOL; Md Enamul Karim Pavel, Head of Renewable Energy, and other officials of IDCOL. In addition, Syed S Kaiser Kabir, CEO & Managing Director, Renata Ltd., Mehdi Zaman, Head of Engineering, Mirpur Plant, Renata Ltd., and others of Renata Ltd. were also present during the ceremony.

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