Infrastructure Development Company Limited (IDCOL) signed facility agreement with Fakhruddin Textile Mills Ltd. (FTML) a concern of Urmi Group on 23 February 2020, to finance Rooftop Solar Project with a capacity of 2037.75kWp.
Electricity to be produced from this project will not only reduce electricity bills of FTML but also reduce the diesel consumption during load shedding, said a press release.
In addition, FTML can export unutilized electricity to be generated from the project to national grid under the Net Metering Guideline 2018.
Currently the unit cost of electricity from rooftop solar is below Tk8, which makes the proposed investment very lucrative as the tariff is cheaper than the grid electricity tariff.
The project will be implemented with a total project cost of Tk 14.09 crore. Under this facility agreement, IDCOL will provide concessional loan of Tk 11.27 crore.
IDCOL plans to finance 300 MWp rooftop solar projects by 2022.
Mahmood Malik, Executive Director& CEO, IDCOL and Asif Ashraf, Managing Director, Fakhruddin Textile Mills Ltd. (FTML) signed the agreement on behalf of their respective organizations.