KUALA LUMPUR (Nov 11): Helios Photovoltaic Sdn Bhd is collaborating with Public Islamic Bank Bhd (PIBB) to provide exclusive solar photovoltaic (PV) financing package and installation for private properties to Public Bank and PIBB’s customers.

In a statement today in conjunction with the signing of memorandum of collaboration, Helios said the collaboration is expected to generate up to 1GW of electricity.

Helios is a dealer of solar energy products, offering services ranging from delivering solar power solutions to clients through design and build, consulting and project management.

Helios Photovoltaic Sdn Bhd’s chairman, Datuk Seri Ibrahim Muhammad, said the collaboration marks the commitment of the banking and energy sectors to work closely to reach the common goal of mitigating climate change.

“Deploying solar energy is a way of preparing properly for the future. It means addressing the defining issues for our generation and our country head on — climate change and access to clean energy for all. It is a challenge that demands collective action if it is to be overcome,” said Ibrahim.

Under the partnership, he said ordinary citizens can invest in renewable energy installations and storage at an affordable price.

“All existing Public Bank and PIBB’s home financing customers are given the opportunity to democratically generate clean energy by installing solar PV on their rooftops equipped with financing facilities,” he added.

He also noted Public Bank and PIBB have an impressive clientele comprising individuals, commercials and industrials that could translate into a huge opportunity to scale up the adoption of solar PV systems and storage in the country.

Meanwhile, PIBB said the financing solution is a direct response to the government’s Net Energy Metering scheme as well as the introduction of self-consumption (SELCO) guidelines by the Energy Commission for solar PV installation as a key initiative for individual, commercial and industrial consumers looking to hedge against the rising cost of electricity.

The SELCO approach is expected to be the key driver of solar PV adoption in the future where energy consumers generate sufficient electricity for their own consumption.

PIBB chief executive officer Syamsul Azuan Ahmad Fauzi said this initiative is in line with the Value Based Intermediation initiative by Bank Negara Malaysia for the Islamic banking industry.

“A financing package of up to 100% for the installation of PVs is being offered to our customers. With this, they will be able to enjoy savings in their monthly energy bills,” said Syamsul Azuan.

Reference: The Edge Markets