Business

FosRich partners with Access Financial Services on green energy

Wednesday, January 17, 2018

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Listed company FosRich has partnered with Access Financial Services Ltd to finance the purchase of renewable energy products by commercial entities and individuals.

The company, in a press release yesterday, said it is looking to expand its footprint in the renewable energy space and has embarked on a hire purchase programme as oil prices trend upwards.

FosRich, which issued 502 million shares on the local stock market last November, said it has seen an increase in requests for the financing of LED retrofits and solar water heaters since listing on the junior stock exchange.

According to the electrical and lighting company, the agreement allows businesses to access up to $20 million for the purchase of a solar system, repayable over a five-year period. FosRich said it also hopes to finance other electrical products.

FosRich is made up of three principal business segments – FosRich Electrical which provides breakers, copper wires, energy-saving bulbs, ceiling fans, and other products; FosRich Lighting, a supplier of interior and affordable decorative lighting products since 2010; and FosRich Energy, which deals in energy-saving lighting options, and supplies and installs solar water heaters, solar photovoltaic systems, lighting, LED lighting and induction lighting products.

The company opened its doors in 1993 and built a brand that operates from four locations, two of which are in Montego Bay in addition to Kingston and Mandeville.

Recent projects undertaken by FosRich include retrofitting the stadium lights at Sabina Park in conjunction with the Urban Development Corporation and Philips. It also supplied LED street lights to the Jamaica Public Service Company in conjunction with Philips.

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