Residential, Commercial and Industrial Projects to Benefit from the REC-BAM GREEN 55kW Solar Supplier Agreement
REC today announced that its industry leading solar modules have been selected by BAM GREEN, a leader in developing and providing renewable energy related services in Sri Lanka. Under the agreement, REC will supply its industry leading REC Peak Energy Series modules to BAM GREEN. REC solar modules were ranked first with the highest performance ratio of 90.8% in the year long independent field test conducted by Photon Laboratory in 2011 which measures energy yield. REC modules generated more electricity than 45 other module brands, producing 6 percent more power than the test average.
The cost of electricity generated by solar is highly competitive with traditional sources of electricity in Sri Lanka. BAM GREEN offers customized solar system solutions to make solar more accessible in this promising region. Users can take advantage of BAM GREEN’s Solar PV NET Metering Systems to exchange excess power with the utility company to effectively reduce their electricity bills. With the region’s continuing population growth and the present and projected energy demand gap in Asia Pacific, there is a huge market opportunity for solar energy.
Anil Yadav, Head of Indian Subcontinent Region, REC Solar Asia Pacific said, “REC is pleased to partner with BAM GREEN to bring green, renewable and sustainable solar energy into Sri Lanka, a Sunbelt country, which enjoys high irradiation levels. Sri Lanka is in a prime location that enjoys some of the world’s highest insolation levels and can significantly contribute to the global energy source with its solar energy generation potential. Market fundamentals are conducive for the growth of solar in Sri Lanka.”
According to Mr. Asanka B. Thennakoon, Project Lead Executive, BAM GREEN, “Currently, about 12 percent of the Sri Lankan population has no electricity at home as the country works out a solution for its power and energy crisis. We have chosen to partner with REC to bring affordable, renewable and sustainable energy to these households and stimulate the economy through the provision of cost effective power for commercial projects. With our Solar PV NET Metering Systems, we want to help our customers enjoy the payback of their investment in about 5 years or even earlier. REC solar modules have an industry leading energy payback time of one year. They can expect to lower their electricity bills by selling excess solar energy to the local utility companies, which can support the bill to reduce tariffs and make solar energy accessible to the rest of the nation.”
For further information, please contact:
DID: (65) 6880 7916
DID: (65) 6213 9996
REC is a leading vertically integrated solar energy company. REC produces polysilicon, wafers, cells and modules for the solar industry, and silicon materials for the electronic industry. REC also engages in project development in selected PV segments. Founded in Norway in 1996, REC employs around 3,200 people globally with revenues of more than USD2.4 billion in 2011. Please visit www.recgroup.com to learn more about REC.
About BAM GREEN
BAM GREEN Pvt. Ltd., is the renewable energy arm of BAM Holdings ltd., who has 30 years of business history in Sri Lanka. They are in the forefront of providing renewable energy solutions for Sri Lankan domestic, commercial and industrial sectors markets. BAM Holding ltd. employs over 4000 people in Sri Lanka in its core business which is apparel manufacturing. Renewable energy, leisure industry and agriculture have been the group’s diversifications. BAM group has won the Best Corporate Citizen Award 2009, granted by the Chamber of Commerce in Sri Lanka for its CSR project in developing the Homagama community hospital at a cost of $2 million USD. BAM GREEN aims to develop utility scale solar energy plant as an answer for the energy crisis in Sri Lanka.