Infrastructure Development Company Ltd (IDCOL) on Thursday signed a financing agreement with development of sustainable renewable energy power generation (SREPGen) project of Power Division on diffusion of plug and play solar systems to low-income households.
Under the contract SREPGen project will provide $2 million as grant to IDCOL. The buy down grant will help the poor people to afford the system at a cheaper price. The project targets installing 100,000 plug and play systems.
The project is implemented with the support of United Nations Development Program (UNDP), Bangladesh.
The project objective is to ensure access to electricity for low income households by supplying plug and play solar systems who do not have the capacity to buy solar home system (SHS).
Mahmood Malik, Chief Executive Officer of IDCOL and Md Anwarul Islam Sikder, Chairman of SREDA executed the agreement from their respective organizations.
The program will follow the same modality of the existing solar home program of IDCOL under which four million solar home systems have been installed in the off grid areas of Bangladesh.
The program has acclaimed to be the largest off grid solar home system program of the world. Around 12% of the total population of Bangladesh is getting clean energy from this program.