Bahrain unveils green energy finance initiative

photovoltaic 2138992 640Bahrain Commercial Facilities Company (BCFC) has launched the sustainable energy finance initiative (The Sun) in a bid to reduce costs of using traditional electricity and contribute to a cleaner environment

During the launch ceremony held at Four Seasons Bahrain Bay, Dr Abdul Hussain bin Ali Mirza, minister of electricity and water, said that the kingdom’s renewable energy would reach five per cent of the total energy production by 2025, equivalent to 250MW in 2025 and increase to 10 per cent in 2035.

As reported in Trade Arabia, Adel Hubail, CEO of BCFC, said that the new financial scheme is based on the ‘Tenant-to-Owned’ system, which provides an opportunity for the companies, property owners and houses to benefit directly and effectively from the installation of solar power systems in return for a monthly rent.

Under the sustainable energy finance initiative, a range of free services including site study, the actual consumption of electricity calculation are offered.

Upon completion of the research and approval of the project, the company will provide the design, installation and delivery of the system, with a 12-year warranty against manufacturing defects, as well as 25 years of power generation efficiency from German Munich Reinsurance Company.

This product is set to help reduce costs immediately up to 20 per cent of the total consumption of conventional electricity, Adel noted.

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