Public Islamic Bank, KPower in financing scheme for solar power


File pic: Public Islamic Bank Bhd and KPower Bhd are working together for the installation and financing of solar photovoltaic (PV) systems for the bank’s customers.

KUALA LUMPUR: Public Islamic Bank Bhd and KPower Bhd are working together for the installation and financing of solar photovoltaic (PV) systems for the bank’s customers.

They had on Wednesday signed a memorandum of agreement (MOA) where KPower’s unit KPower Engineering Sdn Bhd will install and provide all related technical matters on solar PV systems to the bank’s customers.

The MoA was in line with the Net Energy Metering 3.0 (NEM 3.0) launched by the Energy and Natural Resources Ministry on Dec 29 to cater for the rising customer demands for solar panel financing.

Just a month earlier on Nov 11, Public Islamic Bank launched its financing scheme.

A total of 500 MW quota shall be allocated for the period starting 2021 until 2023, whichever comes first.

The NEM scheme, which is under the Sustainable Energy Development Authority (SEDA), provides the avenue for electricity users to install solar PV systems on the roofs of their respective buildings for electricity cost savings.

The scheme also encourages the public to opt for clean energy which can be generated for private consumption.

“This financing package is also part of Public Islamic Bank’s effort to contribute to the society’s well-being via the Value Based Intermediation (VBI), with the intention to realise the objectives of Shariah principles to generate positive and sustainable impact to the economy, community and environment, ” the bank said.

Public Islamic Bank is also looking into offering this financing package to commercial sector in the near future.

The bank expects the tie-up with KPower to produce positive impact to the environment from sustainability perspectives as well as contribute to cost savings for participating companies.

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