BCFC unveils Sustainable Energy Finance Initiative

MANAMA: Bahrain Commercial Facilities Company (BCFC) has entered into a partnership with China’s Wuxi Suntech Power Company to launch the Sustainable Energy Finance Initiative (SUN) in the kingdom.

The initiative was announced by the company during a Press conference at the Four Seasons Hotel Bahrain Bay, held under the patronage of Electricity and Water Affairs Minister Dr Abdulhussain Mirza.

The minister lauded the launch of the new solar power generation product which comes bundled with a financing option.

“This is in line with the government’s focus to encourage projects and technologies that produce solar and wind energy and help in diversification of energy sources,” said Dr Mirza.

“The National Renewable Energy Action Plan (NREAP) targets to increase the share of renewable energy sources in the national energy mix by 5pc by 2025, which translate to a capacity of 250MW and later increase it by 10pc by 2035.

“The policies adopted for the plan to be implemented are net metering, tender-based feed-in tariff and renewable energy mandate for new buildings.”

The plan is also expected to bring in a six per cent improvement in energy efficiency by 2025, he added.

This will not only result in diversification of energy sources and contribute to environmental protection by reducing the carbon footprint, but also create new jobs and make gas (the conventional fuel) available to the government.

BCFC chief executive Dr Adel Hubail told the GDN that the company’s initiative leverages the net-metering regulations, which allow businesses and home-owners to generate their own power from renewables for self-consumption and feed the excess to the national grid.

“The new financing scheme is based on a lease-to-own system, which means consumers can benefit from solar power systems installed on their premises in return for a monthly rent, which is determined by the size of electricity generated and available space in each building that allows the installation of solar panels on it.”

The Suntech solar power systems of which BCFC will be the sole distributor and service provider, can provide immediate costs savings of up to 20pc on the conventional electricity consumption.

Dr Hubail said BCFC is targeting businesses, developers and home owners, and will offer a range of free services, including site study, consumption of electricity calculation, delivery and installation.

After the project is approved, the company will develop the optimal design to generate maximum power.

The product will come with a 12-year warranty against manufacturing defects and 25 years of power generation efficiency from Munich Reinsurance.

The financial scheme includes all maintenance and insurance expenses throughout the lease period to ensure the most efficient operating conditions.

Dr Hubail said that financing will be provided for a maximum of seven years, after which the system and all components will become the property of the user.

“The launch of this financial product comes in line with the company’s efforts to introduce innovative models in financial services to support sustainability and competitiveness based on productivity, creativity and effective participation in the economy,” he added.

“Following extensive study of the most significant obstacles associated with the use of solar energy, especially the significant initial investment required of companies and factories intending to adopt solar energy, the Sustainable Energy Finance Initiative has been designed to address the barriers that have prevented it up to now.”

Source: http://www.gdnonline.com/Details/581227