Infrastructure Development Company Limited (IDCOL) signed an 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 Chottogram and 2.15 MWp on the rooftop of Eco Ceramics Industries Ltd at Munshiganj, reads a press release.
Electricity produced from this project will not only reduce electricity bills of GPH but also reduce the diesel consumption during load shedding. In addition, the project owners can export unutilised electricity generated from the project to the national grid through Net Metering Guideline 2018. Under this facility agreement IDCOL will provide concessional loans up to 80% of the project cost.
Alamgir Morshed, Executive Director & CEO of IDCOL and Jahangir Alam, Chairman of GPH Group signed the agreement on behalf of their respective organisations.
On this occasion, Alamgir Morshed, Executive Director & CEO of IDCOL 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 a concessionary loan facility but also providing technical assistance to borrowers."
Enamul Karim Pavel, Head of Renewable Energy of IDCOL, Mohammed Jabed Emran, Chief Risk Officer, IDCOL, Kamrul Islam, Executive Director, Finance & Business Development, GPH Group and other officials of both the organisations were present in the signing ceremony.