ADB to Capitalize $17.7 Million in A Solar Power Project Worth 35 MW in Bangladesh

The project is going to support the country’s efforts to attain long-term energy security and meet climate goals by adopting clean technologies. Once operational, the project will provide 50 GWh of clean power to the national grid and offset 33,200 tons of carbon annually

June 15, 2020. By News Bureau

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The Asian Development Bank (ADB) has announced that it has signed a deal with Spectra Solar Park Limited (SSPL) to capitalize $17.7 million (~₹1.33 billion) in a 35 MW utility-scale solar project in Bangladesh. This is the start of a new era in Bangladesh as it is one of the first private sector solar projects in the country bankrolled by a multilateral institution.

Deutsche Investitions- und Entwicklungsgesellschaft mbH (DEG), a subsidiary of the KfW Group, is co-financing the project with the ADB

The project is going to support the country’s efforts to attain long-term energy security and meet climate goals by adopting clean technologies. Once operational, the project will provide 50 GWh of clean power to the national grid and offset 33,200 tons of carbon annually.

Remarking on the private participation in the solar sector, Shantanu Chakraborty, Director of Infrastructure Finance, South Asia, Central Asia, and West Asia at ADB, said, “This project strongly demonstrates that the solar energy sector in Bangladesh is an attractive destination for private sector engagement. This is a landmark project that will also incorporate specific and important design features to empower women and ensure a gender-inclusive workplace.”

The funding for the project includes a loan from the ADB and a loan from the ADB-managed Canadian Climate Fund for the Private Sector in Asia II (CFPS II). The CFPS also provided a technical assistance grant to help in the preparation of the project and to catalyze the loans. The CFPS and CFPS II were established by Canada to help the growth of renewable energy projects in Asia and the Pacific region.

Speaking on the development, MD of Spectra Solar Park Limited, Mohammad Aftabuddin, said, “Bangladesh is committed to combating climate change and increasing energy access from renewable energy sources. The Spectra solar power project establishes important precedents for the solar energy sector in Bangladesh by adopting international best practices. We are grateful to ADB for their commitment and assistance on this project.”

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