The initiative was launched at a press conference at Four Seasons Bahrain Bay under the patronage of Dr Abdul Hussain bin Ali Mirza, Minister of Electricity and Water,
“This will result in diversification of energy sources and contribute to environmental protection by reducing the carbon footprint, creating new jobs and providing gas to the esteemed government and encouraging green economy growth for sustainable development.”
Dr Adel Hubail, CEO of BCFC said: "The launch of this financial product comes in line with the company's efforts to introduce innovative models in financial services to support of Bahrain Economic Vision 2030, especially the principles of sustainability and competitiveness based on productivity, creativity and effective participation in the development of economic activity.”
“The new financial scheme is based on the "Tenant-to-Owned" system, which provides an opportunity for the business sector to benefit directly and effectively from the installation of solar power systems 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. He noted that it is hoped that this product helps to reduce costs immediately up to 20 per cent of the total consumption of conventional electricity.
“The new financial product targets owners of all types of companies and property owners and houses in the Kingdom of Bahrain, and will provide a range of free services, including site study, the actual consumption of electricity calculation. Upon completion of the research and approval of the project, the company will design the optimal design to produce maximum power as well as installation and delivery, with a 12 year warranty against manufacturing defects and 25 years of power generation efficiency from the leading German Munich Reinsurance Company.
“The financial scheme includes all maintenance and insurance expenses throughout the lease period to ensure the most efficient operating conditions. Dr. Adel pointed out that the new financing product may be extended for seven years, after which the system will become all components free property of the tenant,” he added.
"Undoubtedly, there is a global trend to reengineering much of the supply chain, for products and services, to honour the basis of sustainability and protection of the environment. As the use of solar energy in the production of goods and provision of services is a priority in this global trend and embracing this trend can lead to reductions in production costs and translate to important environmental protections. Resulting in improvements to the competitiveness of these institutions through significant cost savings.
"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 - The Sun, has been designed to address the barriers that have prevented the utilization of solar energy up to now.
“We are proud therefore to have reached agreement with Wuxi SUNTECH Power Co, based on their reputation as one of the top ten companies in the world for manufacturing solar panels. Some of their major projects have included, the headquarters of Google Inc., California, the headquarters of Siemens "Asia - Pacific", the Opera House building in Sydney, San Francisco International Airport, and many other current projects in multiple cities around the world,” Dr Hubail concluded.
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