Chandigarh MC buildings set to get rooftop solar panels under rent-a-roof model
2
Chandigarh: In a significant move, approximately 100 buildings of the municipal corporation (MC) are all set to have solar energy on their rooftops, as the Chandigarh Renewable Energy and Science and Technology (CREST) has sent a detailed MoU to be signed with the corporation for this project.
As per the proposal, the MC will not have to spend even a single penny on this project, and they will earn around Rs 40 lakh annually as rent from the private company. Now, this detailed MoU is coming in the monthly general house meeting of the MC, scheduled for Tuesday, for deliberation and subsequent approval of the members.
As per the proposal, the solar panels will be installed under a 'Rent-a-Roof', Resco Model (Renewable Energy Service Company) framework, where the selected company through bids will install the solar on all the selected buildings' rooftops, maintain them, and pay rent to the MC.
The move came following a high-level meeting under the chairmanship of chief secretary Rajiv Verma, recently.
The proposal of the CREST, a copy of which is with TOI, reads, "Chandigarh administration has been consistently working towards the saturation of rooftop solar installations across all govt and private buildings in the city. To utilise this potential effectively, CREST proposes the implementation of grid-connected rooftop solar plants on MC buildings through the 'rent-a-roof' framework.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Bo Derek's Probably The Most Gorgeous 68-Year-Old.
Paperela
Undo
Under this model, the developer offering the highest rooftop rent per unit of energy generated shall be selected through competitive bidding.
This will ensure regular revenue for MC, with zero capital expenditure or maintenance responsibility."
The letter further reads, "The rent-a-roof approach allows MC to monetise its rooftop assets, receive guaranteed bi-monthly income, and avoid long-term tariff commitments.
The total feasible rooftop solar capacity assessed on MC buildings is approximately 3MW. Based on generation potential and other parameters, MC stands to earn an estimated Rs 39-40 lakh per year, depending on the rent rate received through bidding.
"
Following this, CREST has requested approval of the proposed model and MoU and timely consent to initiate the process. Once approved by the MC's general house, the CREST shall thereafter proceed with the tendering and execution of the project in coordination with the MC.
Key Terms of MoU
Rooftop rent to be paid by the Resco developer bi-monthly based on the energy generation under the gross metering arrangement
No damage to MC roofs - any structural damage to be repaired by the Resco
Water supply for periodic solar panel cleaning to be provided by MC
Plant security to be provided by MC
Insurance and operational responsibilities lie with Resco
Escrow mechanism for transparent and timely rent transfers
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
44 minutes ago
- Time of India
Centre okays T to reschedule Rs 25k cr high interest loans
Hyderabad: In a significant financial relief for Telangana, the Centre has reportedly agreed to restructure high interest loans taken by the state over the past decade. Sources said the Reserve Bank of India has approved the repayment of nearly Rs 25,000 crore in fresh borrowings over the next two years — at lower interest rates and with longer repayment periods. The move is expected to save Telangana around Rs 2,000 crore annually, compared to the burden under previous terms. On Aug 5, the RBI disbursed Rs 5,000 crore, which the state govt immediately used to clear old, high interest loans availed from the Rural Electrification Corporation (REC). You Can Also Check: Hyderabad AQI | Weather in Hyderabad | Bank Holidays in Hyderabad | Public Holidays in Hyderabad The state had long raised concerns over loans contracted at steep interest rates from private financial entities, often routed through various government-owned corporations. These borrowings, scheduled for repayment over 10 years, placed a heavy fiscal load on the state exchequer due to their high servicing costs. In contrast, RBI loans come with lower interest rates (7% to 7.5%) and longer tenures of 25 to 30 years, offering significant relief. By comparison, loans from the REC carried an 11% interest rate and a 10-year repayment term, which became increasingly unsustainable. Chief minister A Revanth Reddy had repeatedly urged the Centre to allow rescheduling of such liabilities. Following a detailed review of Telangana's fiscal health, the Union finance ministry agreed to the proposal. In a parallel development, the Centre had earlier brought all off-budget borrowings under the Fiscal Responsibility and Budget Management (FRBM) framework, which reduced Telangana's eligibility to raise funds from the RBI during 2020–21. After these corporate loans were clubbed under FRBM, the state govt intensified its push for rescheduling, which was now accepted by the Centre. The state has raised funds through monthly bond issuances. With the RBI's green light, it can now rework the Rs 25,000 crore loan burden over two years. Funds raised from bond issues, such as the Rs 5,000 crore obtained recently, will be used solely to retire high-interest loans, not for new programmes or expenditure. Financial analysts said this restructuring will ease fiscal pressure and save nearly Rs 2,000 crore per year, giving the state room to stabilise its economy. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and s ilver prices in your area.
Time of India
an hour ago
- Time of India
Titan Q1 net up 53% on jewellery, watches
BENGALURU: Titan Company reported a 52.5% year-on-year increase in net profit to Rs 1,091 crore for June quarter, backed by strong performances in jewellery and watches businesses, despite elevated gold prices. The Tata group firm's revenue rose 24% to Rs 16,628 crore in the same period. Sequentially, it rose to about 11% from Rs 15,032 crore in the previous quarter. Its EBIT margins expanded to 11.7% from 9.7% a year ago. Stay informed with the latest business news, updates on bank holidays and public holidays .
Time of India
an hour ago
- Time of India
Airtel promoters to sell stake worth over $1bn
MUMBAI: In one of the biggest block deals this year, Indian Continent Investment, a promoter group entity of Bharti Airtel is selling a 0.8% stake in the telecom giant for about Rs 9,310 crore (over $1 billion). The deal is set to be executed through one or more block deals on Friday and is managed by the Indian units of Jefferies and JP Morgan. Indian Continent Investment will offload up to 5 crore shares at a floor price of Rs 1,862 per share, a 3.2% discount to Bharti Airtel's last closing price of Rs 1,923 on the NSE on Thursday. In Feb this year, Indian Continent Investment had pared its stake in Bharti Airtel through block deals. It had sold about 0.85% stake through a deal worth more than Rs 8,000 crore. There has generally been deal activity in the Sunil Mittal led telecom firm this year. In May, another promoter entity of the company, Singapore Telecom (Singtel) shed some stake in the firm in a near $1-billion block deal. Indian Continent Investment currently holds about 2.4% in Bharti Airtel. This week also saw two block deals by China's Ant Group worth a total of over Rs 8,000 crore to exit Paytm and Eternal (formerly Zomato). Stay informed with the latest business news, updates on bank holidays and public holidays .
