Green Loan by MCB is financing up to 85 per cent of the acquisition cost of a photovoltaic system, a simple way to produce electricity from the sun.
This is also being supported by the Agence Française de Développement (AFD).
Ashwin Foogooa, responsible for special funding at MCB, talks about the project.
Why did you come up with a financing plan for photovoltaic systems?
This was decided to lend a hand to households wishing to use the space on their roofs to generate electricity from a clean and renewable source which is the sun.
Who will benefit from the Green Loan Scheme?
Anyone who wants to invest in an environmentally responsible project, such as those who purchase solar panels in Mauritius, will benefit.
What steps have you taken to implement this project?
We have studied the Small Scale Distributed Generation plan of the CEB. My team and I have also had discussions with several suppliers of solar panels in Mauritius.
The discussions that we had with AFD date back to 2008-09. AFD has placed at the disposal of four banks, a line of credit to finance eco-friendly projects in Mauritius.
Is the return on investment in solar energy low?
Solar energy is expensive and its return on investment is low, hence the subsidy.
What safety standards are supported by the funding?
If the investment meets the safety standards for connection to the electricity network of the CEB, the project is acceptable to the MCB.