IDCOL to finance 1.60MWp rooftop solar project of Renata Limited

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

The 1.60 MWp project will be implemented on the factory rooftops of Renata Ltd., located at Mirpur, Rajendrapur, Bhaluka, Keraniganj, Feni, Sylhet, Rangpur, Mymensingh, Bogra, Faridpur, Cumilla, and Dhaka. The total cost of the project is Tk8.86 crore, said a press release. 

Under the facility agreement, IDCOL is providing concessional loan of BDT 7.09 crore to Renata Limited. The project is expected to be fully operational by September 2023.

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

On this occasion, 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."

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, installation of solar systems being one of them to generate electricity on-site and reduce CO2 emissions.

The signing ceremony was attended by Alamgir Morshed, Executive Director and CEO, IDCOL; Md Enamul Karim Pavel, Head of Renewable Energy along with other officials of IDCOL. Syed S Kaiser Kabir, CEO & Managing Director, Renata Ltd., Mehdi Zaman, Head of Engineering, Mirpur Plant, Renata Ltd. and other officials of Renata Ltd. were also present during the ceremony.