IDCOL to provide Tk 1.44b for Walton’s 50 MW rooftop solar project

The state-owned Infrastructure Development Company Limited (IDCOL) will finance Walton’s Hi-Tech Industries 50 megawatt (MW) solar power project, marking one of the largest rooftop and floating solar investments by a private manufacturer in the country.

IDCOL will provide Tk 1.44 crore in total for the project, of which Tk 44 crore has already been disbursed, IDCOL acting managing director Monirul Islam told energy reporters at Walton's complex in Chandra, Gazipur.

Walton has so far installed 32 MW from solar - covering factory roofs, walkways and a 1.25 MW floating plant on a factory pond - with support from IDCOL, Monirul said, according to BSS report. 

 The electronics giant consumes around 35 MW a day. It plans to add another 18 MW by December this year, taking total green generation to 50 MW.

"We are working to meet our entire daytime load from green sources," Walton Additional Managing Director Md Nazrul Islam Sarker said during the site visit, organised by the Forum for Energy Reporters Bangladesh (FERB) in collaboration with IDCOL has been a key financier of renewable energy since 2002, starting with its nationwide Solar Home System programme, and is now focusing on industrial rooftop and floating solar to help meet the government’s renewable energy targets.

The government has recently cut import duties and offered incentives for solar equipment as Bangladesh looks to diversify its fuel mix, improve energy efficiency and cut carbon emissions amid rising industrial power costs.

Walton said the solar shift is expected to significantly reduce its grid dependence and energy bill, while advancing its green factory compliance for export.