Corporation Bank will soon bank on the sun to become a smart energy consumer. The Mangaluru-based bank has prepared a plan that can help generate around 2MW of solar power in its different units across India.

SR Bansal, Chairman and Managing Director, told BusinessLine that Corporation Bank intends to implement energy-saving and solar generation projects for its offices, branches and ATM premises in the country.

He said that while energy-saving initiatives will be implemented at all the 5,000 locations where the bank has offices, branches and ATMs, the project to generate solar power will be taken up in around 1,200 identified locations.

Explaining the details, Lakshminatha Reddy, General Manager, said that energy-saving initiatives will be taken up on around 22 lakh sq ft used by the bank’s facilities across the country. 

It is also proposed to use solar power in 10.60 lakh sq ft of office space in 1,200 locations of the bank. The bank expects to generate around 2 MW of solar power.

The total cost for implementing the solar power project is estimated at around ₹17 crore. The payback period is about seven years, he said.

Asked about the savings from these initiatives, he said the total annual savings for the bank due to these initiatives is expected to be around ₹4.85 crore. The energy-saving initiatives will help it save ₹2.45 crore, and solar power, ₹2.40 crore. He said the bank has commenced the process of empanelling consultants, and this will be followed by short-listing of executing agencies.

These two processes are likely to be completed in the next six-eight months. Reddy said the implementation should be completed in two years.

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