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July 22, 2020
FORTIS Group initiated Green Energy Projects funded by IDCOL

Infrastructure Development Company Limited (IDCOL) has financed the first Rooftop Solar project of FORTIS Group. The 428.22 kWp project will be implemented on the rooftop of K A Design Ltd, a RMG manufacturing concern of FORTIS Group, located at Boro Beraid, Badda, Dhaka.

The rooftop solar project is a part of the on-going green initiatives of FORTIS group to use more environment friendly technology and become less dependent on grid electricity by using renewable energy sources. Electricity produced from this project will not only reduce electricity bills of K A Design Ltd., but also reduce the diesel consumption during load shedding. In addition, the project owners can export unutilized electricity generated from the project to national grid through Net Metering Guideline 2018. Currently the unit cost of electricity from rooftop solar falls around BDT 7 and this makes the investment very lucrative.

The project will be implemented with a total project cost of BDT 2.99 crore. Under the facility agreement, IDCOL is providing concessional loan of BDT 2.39 crore. IDCOL has completed the first disbursement of the loan amount for the project and the project is expected to be completed very soon.

IDCOL has also approved financing for two other Rooftop Solar projects for FORTIS Group, which are Habitus Fashions Ltd. and Sarah Resort Ltd, having capacity of 617 kWp and 340 kWp respectively.

IDCOL plans to finance 300 MW of electricity from solar rooftop by 2022.