Bank Islam, TNB in pact to promote solar PV ownership

KUALA LUMPUR: Bank Islam Malaysia Bhd is partnering with Tenaga Nasional Bhd (TNB) and its subsidiary GSPARX Sdn Bhd to provide financing for solar photovoltaic (PV) ownership for home owners.

Bank Islam chief executive officer Mohd Muazzam Mohamed said its latest offering personal financing to GSPARX's solar PV package customer is part of the bank's contribution to realising Malaysia's aim of achieving 20 per cent of renewable energy generation by 2025.

He said TNB had long been among the bank's "most valued" clients.

"Through this collaboration, Bank Islam is offering up to 100 per cent financing for the purchase of GSPARX's solar PV package or up to RM300,000 with attractive floating rate of as low as 4.67 per cent or fixed rate 4.5 per cent for three years accordingly.

"GSPARX will be offering residential packages which include one year of free maintenance, product and workmanship warranty, 24/7 online monitoring, as well as after-sales services," he said.

TNB president and chief executive officer Datuk Seri Amir Hamzah Azizan said the group was at the forefront of renewable energy in Malaysia.

This is through its large scale solar projects in Sepang in Selangor and Bukit Selambau in Kedah, and initiatives like electric vehicle charging stations in collaboration with Malaysia Green Technology Corp.

Amir said that rooftop solar panel was still a relatively untapped market in the renewable energy space in Malaysia.

Accessing this avenue requires strategic partnerships with corporations such as Bank Islam.

He said TNB was actively promoting rooftop solar panels from commercial, industrial, educational, government institutions and residential homes – who have turned into "prosumers", generating clean energy on their premises.

He said the company had more than 100 rooftop solar panels customers as at end of last year.

"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 scheme," he said.