The financing will be used for the Scaling-up Renewable Energy Project, which will focus on utility scale solar photovoltaic (PV) and rooftop PV
Bangladesh has secured $185m (£151.71m) from World Bank to finance a 310MW renewable energy project, which will contribute to reliable and cheaper electricity in the country.
The renewable energy project is expected to contribute to the diversification of the country’s energy mix and also help in cutting down carbon emissions, equivalent to about 377,000 tonnes in one year.
World Bank is providing the funding for the Scaling-up Renewable Energy Project, which will focus on utility-scale solar photovoltaic (PV) and rooftop PV. Under the project, a 50MW solar project will be built in Feni district and will be implemented by the Electricity Generation Company of Bangladesh (EGCB).
Acting Country Director for Bangladesh and Bhutan Dandan Chen said: “Since the last decade, the World Bank has helped Bangladesh increase access to electricity in rural areas through renewable energy. Today, Bangladesh has one of the world’s largest domestic solar power program that serves about one-tenth of the country’s population.
“Now, we are going one step further to help Bangladesh expand renewable energy generation on a larger scale. With strong collaboration between the public and private sector, we hope the project will help meet the growing energy demands of the population.”
The $185m (£151.71) funding package also includes a $26.38m (£21.63m) loan and a $2.87m (£2.35m) grant from the Strategic Climate Fund (SCF) of the World Bank’s Climate Investment Funds (CIFs).
The renewable energy project will help in mobilising up to $212m (£174.17m)
The renewable energy project in the South Asian country is expected to help in mobilising up to $212m (£174.17m) from private sector, commercial banks and other sources of financing.
The project will support the Infrastructure Development Company (IDCOL) with development of the financing facility. to manage a Renewable Energy Financing Facility to provide financing to developers of both rooftop solar photovoltaics (PV) and large-scale solar PV projects.
Besides, it will assist. the Sustainable and Renewable Energy Development Authority (SREDA) in finding sites for large-scale projects and promote new net metering policy for rooftop