Dhaka Bureau: The Asian Development Bank (ADB) has signed a $121.55 million financing package with Dynamic Sun Energy Private Limited for the construction and operation of a 100 MW grid-connected solar photovoltaic power plant in Pabna.
The foreign-funded power plant is the country’s first private sector utility-scale solar facility, according to a release.
The financing package includes $46.75 million from ADB, a $28.05 million B-loan syndicate from the Fund—an Amsterdam-based emerging market credit fund to help achieve the Sustainable Development Goals as ADB’s lender of record—and Japan International Cooperation. A collateralized loan of $46.75 million will be available from the agency.
As Asia’s climate bank, ADB welcomes the opportunity to support renewable energy in Bangladesh – where long-term financing for such projects is a challenge, said Suzanne Gabry, director general of ADB’s private sector operations division.
“This partnership is an example of our key role in mobilizing financing for clean energy infrastructure and stimulating more investment where it is needed most,” he added.
The solar power plant will generate 193.5 gigawatt-hours of electricity annually and avoid 93,654 tons of carbon dioxide emissions annually.
PT Managing Director Shakhawat Hossain said, “We are delighted to secure financing for one of the largest private sector solar projects in Bangladesh to date with the support of international lenders led by ADB.
He further said that partnering with an internationally acclaimed financial institution like ADB marks a significant step forward and recognition of our capabilities in our journey towards sustainable growth.
DSE, owned by Paramount Textiles Plc (PT), one of the largest garment manufacturers in Bangladesh, also operates several power plants.
