Dr. Abdul Hussain bin Ali Mirza, the Minister of Electric Power and water of the Kingdom of Bahrain, Dr. Adel Hubail, the CEO of BCFC, and Mr. Zheng Yi, the Sales Director of Asia Pacific Region of Suntech, attended the press conference.
In the press conference, Dr. Adel Hubail, the CEO of the BCFC, said that the photovoltaic product leasing model was one of development directions of the company. This innovative financial service model stimulates economic activities in an innovative and effective way under the principle of sustainable competitive productivity, thus stimulating the energy transformation and supporting the economic pattern of Bahrain.
Endorsement supports new business model
At the press conference, Mr. Zheng Yi, the Sales Director of Asia Pacific Region of Suntech made a speech to introduce the new business model of BCFC, namely, the Suntech, under the localization cooperation with BCFC, has invested the development of local distributed rooftop and industrial & commercial rooftop in a way of financing. In addition, Mr. Zheng Yi said that with years of development in the Middle East, Suntech has gained a great brand perception. As the exclusive photovoltaic module supplier to BCFC, Suntech would try its best to expand the market in the Middle East step by step.
BCFC gave a high praise to Suntech and their cooperation, and interpreted its new business model that relying on the strong capital strength of the self-restraint band and the insurance company, BCFC has established strategic cooperation relationship with Suntech under the endorsement of its shareholder – Central Bank of Bahrain, to launch the new photovoltaic product leasing model.
Industrial and commercial or distributed rooftops of BCFC customers will be equipped with photovoltaic systems through BCFC’s financial leasing model to meet the customer’s monthly electricity demand and acquire ownership of the photovoltaic system upon expiration of the lease. The formulation of this model can effectively reduce the investment threshold of power station projects. In addition, 12-year product warranty and 25-year linear warranty of Suntech product provide a great technical support for the new model.
Prospect of clean energy in Bahrain
The government of the Kingdom of Bahrain supports to use clean energy and to comprehensively develop various energies, and has established the sustainable energy center to promote to achieve the strategic target of the development of renewable energy. The government of the Kingdom of Bahrain has initially planned that the amount of clean energy shall account for 5% of total production by 2025, and 10% by 2035.
The new business model under the cooperation of Suntech and Bahrain will promote the diversified development of energy, reduce carbon emissions, increase job opportunities and motivate the sustainable economic development of Bahrain. Suntech will persist to expand the market in the Middle East and accelerate the development of brand strategy of “Global & Local” to produce more clean energy in the future and make life better!
Bahrain Commercial Facilities Company BSC was established on August 29, 1983 under Bahrain’s Commercial Companies Law 1975 (Legislative Decree No 28 of 1975), as a closed company with an authorized capital of BD 10,000,000 and issued capital of BD 5,000,000 with an objective to act as a specialist finance company in Bahrain. In April 1993, the Company was registered as a Public Shareholding Company. In 2003, the Company’s Memorandum and Articles of Association were amended in accordance with the Commercial Companies Law (21) of 2001 and its duration became indefinite, following a resolution of the shareholders passed at the Extraordinary General Assembly Meeting on 10 March 2003. The Company has an authorized capital of BD 50,000,000 and an issued capital of BD 16,335,000. Effective 26th June 2005, the Company became licensed and regulated by the Central Bank of Bahrain to operate as a financial institution.