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The World Bank approved $185 million to add 310 MW of renewable energy capacity in Bangladesh and engage the private sector to meet the country's growing electricity demand
.
Scale-up renewable energy projects will increase installed renewable energy capacity
through piloting and expanding investments in key market segments.
Bangladesh will build the first 50-megawatt large-scale solar panel energy park in Feni, which will be implemented
by Bangladesh's power generation company, according to a press release issued by Washington on Saturday.
Currently, Bangladesh's renewable energy accounts for only 1.
5% of the country's installed connected electricity capacity, so there is great potential
for expansion.
The project will help better access to cleaner electricity and air
by avoiding burning fossil fuels.
It will contribute to a reduction of 377,000 tons of
CO2 equivalent per year.
"Bangladesh is on its way to becoming an upper-middle-income country, with about 80% of the population having access to grid power
.
It also has one of the most successful off-grid renewable energy projects in the world, providing electricity to the other 10 percent of the population," World Bank said
.
The project will help expand renewable energy generation capacity
in Bangladesh.
The project will help raise up to $212 million from the private sector, commercial banks and other sources of financing, and establish a dedicated renewable energy financing mechanism to provide credit
to developers of rooftop solar PV and large-scale renewable energy.
The project will support Infrastructure Development Limited in developing financing mechanisms and provide resources to the Sustainable and Renewable Energy Development Authority to build market capacity and pipeline
for developing renewable energy projects.
The $185 million credit also includes $26.
38 million in loans and $2.
87 million in grants
from the World Bank's Climate Investment Fund Strategic Climate Fund.
The International Development Association of the World Bank, which provides concessional financing, offers a credit term of 30 years, including a five-year grace period, at an interest rate of 1.
25 per cent and a service fee of 0.
75 per cent
.
The World Bank approved $185 million to add 310 MW of renewable energy capacity in Bangladesh and engage the private sector to meet the country's growing electricity demand
.
Scale-up renewable energy projects will increase installed renewable energy capacity
through piloting and expanding investments in key market segments.
Bangladesh will build the first 50-megawatt large-scale solar panel energy park in Feni, which will be implemented
by Bangladesh's power generation company, according to a press release issued by Washington on Saturday.
Currently, Bangladesh's renewable energy accounts for only 1.
5% of the country's installed connected electricity capacity, so there is great potential
for expansion.
The project will help better access to cleaner electricity and air
by avoiding burning fossil fuels.
It will contribute to a reduction of 377,000 tons of
CO2 equivalent per year.
"Bangladesh is on its way to becoming an upper-middle-income country, with about 80% of the population having access to grid power
.
It also has one of the most successful off-grid renewable energy projects in the world, providing electricity to the other 10 percent of the population," World Bank said
.
The project will help expand renewable energy generation capacity
in Bangladesh.
The project will help raise up to $212 million from the private sector, commercial banks and other sources of financing, and establish a dedicated renewable energy financing mechanism to provide credit
to developers of rooftop solar PV and large-scale renewable energy.
The project will support Infrastructure Development Limited in developing financing mechanisms and provide resources to the Sustainable and Renewable Energy Development Authority to build market capacity and pipeline
for developing renewable energy projects.
The $185 million credit also includes $26.
38 million in loans and $2.
87 million in grants
from the World Bank's Climate Investment Fund Strategic Climate Fund.
The International Development Association of the World Bank, which provides concessional financing, offers a credit term of 30 years, including a five-year grace period, at an interest rate of 1.
25 per cent and a service fee of 0.
75 per cent
.
