Infrastructure Development Company Ltd (IDCOL), with the support of KfW Development Bank, on November 26 organised an inauguration ceremony of the IDCOL financed 1.1 MWp rooftop solar project at the premises of Far East Spinning Industries Ltd (FESIL), located at Uttor Surma, Habiganj.
As the installed project is saving grid electricity consumption of FESIL and thus reducing its electricity expenses, excess electricity is being sold to the government through a net-metering arrangement.
Total cost of the project is Tk8.90 crore of which 20% was invested by FESIL as equity, while the remaning 80% was financed by IDCOL at an interest rate of 6% for 10 years.
Speaking at the ceremony, Executive Director and CEO of IDCOL Mahmood Malik, said: “It is estimated that Bangladesh has a potential of generating more than 4,000 MW of electricity from rooftop solar energy. IDCOL has set a target to finance 300 MWp rooftop solar projects by 2021.”
Bangladesh’s Government has expressed its vision to generate 2,000 MW of electricity from renewable energy source by 2020.
Tawfiq-e-Elahi Chowdhury, the power, energy and mineral resources affairs adviser to the prime minister, inaugurated the project as the chief guest.
Among others, Additional Secretary and Chairman of Sustainable and Renewable Energy Development Authority (SREDA) Md Helal Uddin, Deputy Commissioner of Habiganj Mahmudul Kabir Murad, Deputy Director of KfW Development Bank Md Tazmilur Rahman, Director of Centre for Energy Research of United International University Shahriar Ahmed Chowdhury and Chairman of FESIL Asif Moyeen, were also present at the ceremony.