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Heading for the rooftops to generate power

Privately-owned Utico lines up $100m for rooftop solar power panels

Gulf News


Want to light up your homes via solar power? Utico, which is into utility industry services, has an answer for that.

It is committing $100 million into a solar investment programme, which will see it install panels on rooftops. Utico aims to complete solar installations across 5,000 homes in the next 18 to 24 months. Homeowners can install “SolarFree” rooftop systems “without getting into any long term liability through power purchase agreements or long-term lease, the company said in a statement.

“We believe our solar investment proposition which will guarantee the fastest cash pay back to investors, along with an option to recoup full investment in the project within a maximum of three years,” said Richard Menezes, Managing Director of Utico. This will be a “huge incentive to homeowners to switch to solar power, in turn promoting green economy.

“SolarFree will literally free up the home rooftop investor‘s equity in the project, rather than getting him into liability and long term debt. Moreover, the investor will also gain from RoI (return on investment) through regular and fast cash paybacks based on the solar power generated.”

An investor can opt to get back investment in the solar installation from Utico within 18, 24 or 36 months. Investors will also have an option to buy the system through an in-house finance arrangement.

“Under SolarFree, we will offer the sale of the system at a fixed-price guaranteeing homeowners a return even if the solar system does not produce any power and an optional programme that offers the homeowner get his investment back within a period of three years,” said Menezes. “The time frame can be shorter even for elite qualified consumers.”

The Dubai Electricity and Water Authority is running its own rooftop panel scheme in the form of “Shams Dubai” solar programme.

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