Kuwait Finance House, Bahrain (KFH-Bahrain) has been named as the official financier of a solar farm located in the Bahrain International Circuit (BIC), a unique and contemporary sports and entertainment venue in the Middle East.
The farm was constructed and is being operated by Sakhir Solar, an IREC Energy Group Company. The project includes the installation of a solar power plant with a capacity of 3.9 megawatts by Sakhir Solar, as well as car parking shades at BIC for 20 years.
In addition, the project will feature 7,125 solar panels capable of producing energy from both sides and a basic capacity of 545 watts for each solar panel, equipped with robotic arms that operate automatically to clean the panels periodically, which were manufactured specifically for this project.
“This leading project is expected to deliver ample energy to power the entire Formula 1 Bahrain Grand Prix. This project comes as part of Bahrain’s commitment to urge all institutions to increase the use of renewable energy in the kingdom. KFH-Bahrain has always been keen on adopting initiatives concerned with achieving sustainable development goals, by producing clean energy at reasonable prices, in addition to the goals of climate action. Hence, the funding for this project goes in line with our social responsibility commitment to support the kingdom’s march towards generating sustainable energy.”
The project has the first station for fast charging electric cars in the kingdom. This initiative supports the kingdom’s commitment to increasing the use of renewable energy and the Formula 1 plan to reduce zero carbon emissions by 2030, which comes in line with the directives of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, to achieve net zero carbon emissions by 2060 and save the total cost of energy.
This initiative also falls under the umbrella of KFH-Bahrain’s social responsibility, where the bank seeks to play an active role in developing the sustainable energy sector to reduce carbon emissions and achieve comprehensive sustainable development.
“It gives us great pleasure to cooperate with KFH-Bahrain to finance the project of building a solar energy farm at the Bahrain International Circuit, which also supports the kingdom’s endeavors towards reducing carbon emission by generating clean and renewable energy. We look forward to continuing to enrich this partnership, and to engage in further initiatives and projects that benefit and elevate Bahrain,” commented Dr. Bassem Abdullah, Chairman of Sakhir Solar.