1 month ago
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Pipe manufacturer and energy products trader FosRich Company Limited has secured a financing facility for customers wanting to purchase solar energy systems.
FosRich will be tapping into the segment demanding systems of 0.5MW to 3MW.
In mid-January: “… We eked out a relationship that is going to bring financing to this segment of the market,” said CEO Cecil Foster
The programme, backed by the Development Bank of Jamaica, provides financing to the industrial and commercial market segment for ESS, short for energy storage systems. Under the programme, financing at a rate of 8.5 per cent is available to projects starting from $5 million up to $200 million,” Foster said.
FosRich’s pipeline of energy projects has a number of requests that call for funds in the order of $40 million and up to $100 million, Foster noted.
“Not many companies can just go and get that kind of money to pay for a system. But it can be financed over a five- or 10-year period at a very affordable rate. They can then use their present energy bill cost to pay monthly for this energy saving solar system,” he said.
The ESS provides all the equipment required for a solar photovoltaic system, inclusive of panels, controllers, inverters, and energy storage.
“That is where people always find it difficult to work with - the cost. It was always onerous to really get adequate storage that is not going to break your pocket. You can now get a container-size, say, a 20-foot or a 40-foot container-size, storage system that is totally complete with capacity to store and to retrieve your energy whenever you want it,” Foster said.
Technical support and components will come from Huawei, whose products FosRich distributes. Foster said the Chinese company is providing training for his company’s engineers and technicians.
The financing to procure the systems will be administered through authorised financial institutions or AFI partners of the Development Bank of Jamaica, he said.
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