FosRich Company Limited, a leading pipe manufacturer and energy products trader, has recently announced an exciting new development in the form of a financing facility for customers interested in purchasing solar energy systems. This initiative aims to cater to the needs of individuals and businesses seeking systems ranging from 0.5MW to 3MW in capacity.
CEO Cecil Foster expressed enthusiasm about the partnership that led to this new financing option for the market segment. Leveraging the support of the Development Bank of Jamaica, the programme offers competitive financing rates at 8.5% for projects within the industrial and commercial sector, focusing on Energy Storage Systems (ESS).
Key points to note about this financing facility include:
- Financing is available for projects starting from $5 million up to $200 million, providing accessible options for a wide range of customers.
- The ESS package encompasses all necessary equipment for a solar photovoltaic system, from panels and controllers to inverters and energy storage solutions.
- Customers can finance their systems over a period of five to ten years, making it a cost-effective and manageable investment option.
- Technical support and components will be provided by Huawei, a trusted partner of FosRich, ensuring quality and reliability in the systems offered.
Foster highlighted the significance of this initiative in addressing the common challenge of affordability in solar energy solutions. With container-sized storage options now available, customers can benefit from a complete system that is both efficient and cost-effective.
Looking ahead, FosRich anticipates a strong demand for these financing options, with potential projects ranging from $40 million to $100 million already in the pipeline. Foster emphasized the importance of this collaboration with financial institutions and AFI partners to facilitate the procurement process for interested customers.
In conclusion, this financing facility represents a significant step towards promoting sustainable energy solutions in the market. By making solar energy systems more accessible and affordable, FosRich is not only supporting its customers but also contributing to a greener and more energy-efficient future.
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