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The Asian Development Bank (ADB) has signed an agreement with Spectra Solar Park Limited (SSPL) to invest $17.
7 million in a 35 MW utility-scale solar project
in Bangladesh.
This is reportedly one of
the first private solar projects in Bangladesh to be funded by a multilateral institution.
The German Investment and Development Foundation (DEG), a subsidiary of KfW Group, is co-financing the project
with ADB.
The project will support the country's efforts
to achieve long-term energy security and meet climate goals by adopting clean technologies.
Once operational, the project will provide 50 GWh of clean electricity to the national grid, reducing carbon emissions
by 33,200 tons per year.
Commenting on private sector involvement in the solar sector, Shantanu Chakraborty, Director of Infrastructure Finance for South, Central and West Asia at the Asian Development Bank, said: "This project is strong evidence that Bangladesh's private solar sector is an attractive investment destination
.
This is a landmark project
.
”
Established in 1966, ADB has 68 members, 49 of which are from Asia and the Pacific
.
The development of the project is in line with Bangladesh's vision
to reduce its dependence on fossil fuels and promote the growth of renewable energy in the country.
In January, the Bangladesh government awarded a 55 MW solar power project
to a consortium led by Metito Group, Jinko Power and AlJomaih Group.
Under a 20-year concession agreement, the project will be developed
on an owner-operated basis.
Previously, the International Finance Corporation (IFC), the World Bank's financial institution, joined hands with Bangladesh's Sustainable and Renewable Energy Development Authority (SREDA) to develop a 35 MW solar project
.
Earlier, ADB announced a $20 million (€1.
5 billion) loan to Bangladesh under its Power System Efficiency Improvement Project to expand off-grid solar solutions
in the country.
The Asian Development Bank (ADB) has signed an agreement with Spectra Solar Park Limited (SSPL) to invest $17.
7 million in a 35 MW utility-scale solar project
in Bangladesh.
This is reportedly one of
the first private solar projects in Bangladesh to be funded by a multilateral institution.
The German Investment and Development Foundation (DEG), a subsidiary of KfW Group, is co-financing the project
with ADB.
The project will support the country's efforts
to achieve long-term energy security and meet climate goals by adopting clean technologies.
Once operational, the project will provide 50 GWh of clean electricity to the national grid, reducing carbon emissions
by 33,200 tons per year.
Commenting on private sector involvement in the solar sector, Shantanu Chakraborty, Director of Infrastructure Finance for South, Central and West Asia at the Asian Development Bank, said: "This project is strong evidence that Bangladesh's private solar sector is an attractive investment destination
.
This is a landmark project
.
”
Established in 1966, ADB has 68 members, 49 of which are from Asia and the Pacific
.
The development of the project is in line with Bangladesh's vision
to reduce its dependence on fossil fuels and promote the growth of renewable energy in the country.
In January, the Bangladesh government awarded a 55 MW solar power project
to a consortium led by Metito Group, Jinko Power and AlJomaih Group.
Under a 20-year concession agreement, the project will be developed
on an owner-operated basis.
Previously, the International Finance Corporation (IFC), the World Bank's financial institution, joined hands with Bangladesh's Sustainable and Renewable Energy Development Authority (SREDA) to develop a 35 MW solar project
.
Earlier, ADB announced a $20 million (€1.
5 billion) loan to Bangladesh under its Power System Efficiency Improvement Project to expand off-grid solar solutions
in the country.
