ADB plus Canadian and German funds back 35 MW project in Bangladesh

Jun 11, 2020 12:54 PM ET
  • The government in Dhaka really hopes prepare for the Spectra Solar Project, and the worldwide backing for it, will assist display the appearance of solar investment in the country for private sector cash.
ADB plus Canadian and German funds back 35 MW project in Bangladesh
Image: rahmatulla77/Pixabay

The Asian Development Bank (ADB) and also the federal governments of Germany as well as Canada are financing a 35 MW solar plant in Bangladesh.

The multilateral lending institution revealed details of the investment bundle for the prepared, $17.7 million Spectra Solar Power Project yesterday.

The ADB as well as the Canadian government-financed Canadian Climate Fund for the Private Sector in Asia II money pot the loan provider carries out will certainly provide finances for the project. The Deutsche Investitions und Entwicklungsgesellschaft (DEG) subsidiary of German state-owned advancement lender KfW Group will co-finance the solar project, according to the ADB, which released a statement which did not expose how much of the funding each celebration would supply.

The Spectra Solar Project is anticipated to create 50 GWh of solar energy every year for the grid. The Bangladeshi government-- which lately complained an absence of private sector financial investment in solar as one of the reasons for counting on Chinese funding for the country's clean power facilities-- will hope the Spectra project and the participation of the ADB will attract further economic sector cash money.

"This project strongly shows that the solar power market in Bangladesh is an attractive location for private sector involvement," said the ADB's Shantanu Chakraborty, in journalism launch provided by the loan provider.

The Green Delta Capital subsidiary of Bangladeshi company Green Delta Insurance Carbon monoxide acted as lead arranger for the project.

"ADB's funding, with co-financing by DEG in this project, will assist to scale up solar projects as well as unlock foreign financial investments for renewable energy in Bangladesh," said Md Rafiqul Islam, CEO as well as taking care of supervisor of Green Delta Capital.

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