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Bank Islam partners with TNB to promote solar PV ownership among homeowners

Bank Islam partners with TNB to promote solar PV ownership among homeowners



KUALA LUMPUR: Bank Islam Malaysia Bhd has partnered with Tenaga Nasional Bhd (TNB) and its subsidiary GSPARX Sdn Bhd to provide financing for solar photovoltaic (PV) ownership for homeowners in Malaysia.

In a statement today, Bank Islam said the collaboration is part of the bank’s green financing journey that focuses on encouraging sustainable business and lifestyle practices.

Bank Islam (CEO) chief executive officer Mohd Muazzam Mohamed said: “This latest offering of our personal financing product to GSPARX’s solar PV package customer is an extension of the symbiotic relationship among the three parties.”

“Through this collaboration, Bank Islam is offering up to 100% financing for the purchase of GSPARX’s solar PV package or up to RM300,000 with attractive floating rates of as low as 4.67% or a 4.5% fixed rate for three years accordingly.”

“GSPARX will be offering residential packages which include one year of free maintenance, product and workmanship warranty, online monitoring for 24 hours a day and seven days a week, as well as aftersales services.

“These added values will not only benefit customers but also be instrumental in preserving the planet through promoting renewable energy. It is also part of our contribution to realising Malaysia’s aim of achieving 20% of renewable energy by 2025,” he added.

Meanwhile, TNB president and CEO Datuk Seri Amir Hamzah Azizan said TNB is a renewable energy leader in Malaysia with its Large Scale Solar (LSS) projects in Sepang, Selangor and Bukit Selambau, Kedah, and initiatives like electric vehicle charging stations in collaboration with Malaysian Green Technology Corp (MGTC).

“TNB is actively promoting rooftop solar panels where at the end of last year, we had more than 100 customers — from commercial, industrial, educational, government institutions to residential homes ⁠— who had turned into ‘prosumers’, generating clean energy on their premises.

“These prosumers are now generating more than 26 megawatts of energy combined. At the same time, they also reap the benefit of potential savings from lower electricity bills, and have the opportunity to generate income by exporting excess energy to the grid under the Net Energy Metering (NEM) scheme,” he added.

Amir also said that rooftop solar panels are still a relatively untapped market in the renewable energy space in Malaysia, and accessing this space requires strategic partnerships with corporations such as Bank Islam.

Bank Islam is GSPARX’s first solar PV financing partner. The bank aims to encourage the usage of solar panels at homes, subsequently increasing the number of green homes and production of sustainable and cost-efficient energy in the country.

At 5pm, TNB had shed 12 sen or 1.03% to close at RM11.50, while Bank Islam’s parent BIMB Holdings Bhd closed three sen or 0.88% higher at RM3.45.

TNB was valued at RM65.6 billion, while BIMB’s market capitalisation stood at RM6.19 billion.

Source: theedgemarkets
Anand Gupta Editor - EQ Int'l Media Network