KUALA LUMPUR, Nov 12 — Public Islamic Bank Bhd (PIBB) and solar power company Helios Photovoltaic Sdn Bhd have joined in a collaborative effort to provide exclusive private properties solar photovoltaic (PV) financing package and installation for its customers.

PIBB chief executive officer Syamsul Azuan Ahmad Fauzi said the collaboration is expected to generate up to one gigawatt of electricity.

“The financing solution is a direct response to the government’s Net Energy Metreing 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,” he said during the private signing of the memorandum yesterday at Helios Photovoltaic’s corporate office.

The event was held in a limited manner to observe the standard operating procedures in place for the conditional movement control order.

Syamsul Azuan said 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.

“This initiative is in line with the Value Based Intermediation initiative by Bank Negara for the Islamic banking industry which aims to deliver the intended outcomes of Shari’a through practices, conduct and offerings that generate positive and sustainable impact to the economy, community and environment.

“A financing package of up to 100 per cent 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,” he said.

Helios Photovoltaic chairman Datuk Seri Ibrahim Muhammad said the collaboration represented a joint commitment towards environmental preservation, which he said was becoming a pressing issue for Malaysia and the rest of the world.

“This will allow us to reach our common goal, climate change mitigation. Deploying solar energy is a way of preparing properly for the future,” he said in his speech.

Ibrahim said it is a challenge that demands collective action in order to overcome, not just between countries, but between communities and individuals too.

“Moreover, the transition to renewable energy has often been hindered when the public has lacked either the money, or the physical capacity to produce it themselves.

“The need for an energy supply that is both clean and affordable to ordinary people is of vital importance if society is to tackle both the climate crisis and cost of living issues in a sustainable way,” he said.

Ibrahim added the arrangement between PIBB and Helios Photovoltaic is an approach that would give communities the chance to share in the immense economic benefits presented by the transition away from fossil fuels.

“This is an opportunity that is currently unavailable to many individuals, either because they don’t have the money, or because their properties lack the physical capacity to generate clean energy, for example if they have a roof that is not suitable for solar panels.

“If our actions match our ambition, we will show that we have learned our lesson from the Covid-19 pandemic crisis, and we will make the most of the global and local drive to recovery to help prepare a brighter future for all of us,” he said.