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Islamic green energy project.

DUBAI: UK-based Simply Sharia, a company of independent financial advisors, said it has become the first to launch a Sharia-compliant green energy project.Simply Sharia will take a leading role in the scheme -- the first of its kind in the Islamic financial world -- along with partners Gardner Asset Management (GAM) and Shariyah Review Bureau.The scheme is set to deliver significant benefits to investors by selling government-backed green energy certificates and electricity to the grid.The Sharia compliant Green Energy Enterprise Investment Scheme (EIS) will provide investors with an opportunity to participate as shareholders of a company in a government-backed renewable energy project delivering revenue from Renewable Obligation Certificates and the sale of electricity to the grid.The investment strategy of the company will focus on capital preservation, while offering potentially significant equity returns to shareholders.The project will own a field-based solar photovoltaic generation plant located in the UK that produces electricity. ach 1 Megawatt peak (MWp) of electricity generated by a solar plant powers more than 300 average homes, prevents 430 tonnes of CO2 emissions annually and it takes just 2.5 years of clean energy generation to pay back the CO2 used in constructing the solar.

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Publication:Oil & Gas News
Date:Jun 16, 2014
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