The state-owned Infrastructure Development Co. Ltd. (IDCOL) of Bangladesh is providing loans to several jute and textile manufacturers to deploy 40 MW of rooftop PV systems.
Three Bangladeshi jute and textile manufacturers will set up nearly 40 MW of rooftop and ground solar capacity to reduce their dependence on electricity grid and utility bills.
State-owned IDCOL will provide 80% of the financing for the projects in the form of soft loans. “We have approved loans for these companies to set up solar roof systems,” IDCOL Deputy CEO SM Monirul Islam said. pv magazine.
He said the companies will cut costs while decarbonizing their energy supply. “We have a significant pipeline of proposals in hand,” he added. “We hope to reach a milestone of 100 MW from rooftops by the end of this year.”
One of the loans was granted for setting up a 12.6 MW solar project on the roof of Akij Glass Industries in Madhabpur, IDCOL officials said. The project includes 8 MWh of storage capacity and is expected to come online within the next three months. It will be the first of its kind in Bangladesh.
“We also want to use the project’s electricity after sunset. That is why we are adding storage capacity there,” said MR Jamil, Executive Director of Akij Glass Industries pv magazine. “Solar energy will significantly save the production costs of our factory.”
IDCOL has also approved a loan to Akij Jute Mills for setting up 5.89 MW of rooftop solar power systems in Jashore and Gopalganj districts. In addition, Karim Group has provided loans for setting up 15 MW of rooftop solar and 6 MW of ground-mounted solar power plants at its four textile and jute mills.
“Now that the loan has been approved, we will start construction and … bring the systems online by December,” said Nazrul Islam, managing director of Karim Group.
The main reason the company chose solar energy is because it will help save production costs and provide uninterrupted electricity during the day, Islam said.
Bangladesh currently generates 1,310 MW of green electricity, including 1,076 MW of solar energy. Rooftop solar systems produce approximately 190 MW of electricity.
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