Genex Infrastructure to develop BUET solar power system
Genex Infrastructure Limited inked a deal with Bangladesh University of Engineering and Technology (BUET) under which it will deliver roof-top solar panel systems, as an alternative source of power, to 24 buildings out of the 100 structures of the top engineering institution in the country.
The solar panel systems will generate a maximum of 3-megawatt power, according to a press release.
Additionally, Genex will extend financing to Energy Performance Contracting (EPC), a form of creative financing for capital improvement which allows funding for cost-effective energy upgrades, under BUET supervision.
BUET will use the electricity and pay the bill at a pre-agreed tariff which will be less than the current DPDC tariff to Genex infrastructure under a power purchase agreement, for next 25 years.
Education Minister Dr Dipu Moni said she is happy that BUET took this initiative first as an educational institution and hopes that this will create an example for other educational institutions.
Pro Vice-Chancellor Professor Dr Abdul Jabbar Khan of BUET and Genex Infrastructure Managing Director Mohammed Tanzidul Alam expressed gratitude to the government for introducing net metering guidelines to flourish solar technology in Bangladesh.
Genex Infrastructure Managing Director Mohammed Tanzidul Alam shared that "The implementation of the guideline is only possible by integrating technology to fill the gap due to lack of necessary software in the electricity distribution companies. If the government can support us by minimising the import tax then we can bring a lot of new overseas investors in this particular solar segment".
The signing ceremony took place in the presence of Education Minister Dipu Moni, BUET Vice-Chancellor Professor Satya Prasad Majumder, Pro Vice-Chancellor Professor Dr.Abdul Jabbar Khan, Genex Infrastructure Managing Director Mohammed Tanzidul Alam, Executive Director Md. Enayetul Islam, Chief Operating Officer Tanvir Mosaddaque, Head of Operation Nurul Alom Sohail, Head of Business (International) Harun-or-Rashid, amongst other officials from both parties were also present in the sign in ceremony.
