ADB allocates $121.55 million for solar power generation in Bangladesh

The Asian Development Bank (ADB) has signed a 121.55 million US dollar financing package with Dynamic Sun Energy Private Limited to build and operate a 100-megawatt (MW) grid-connected solar photovoltaic power plant in Pabna.

The plant is the country's first private sector utility-scale solar facility to secure support from global financiers, the Manila-based lender said in a statement on Monday (April 29).

ADB said it arranged, structured, and syndicated the debt package as the sole mandated lead arranger and bookrunner.

Suzanne Gabouri, ADB's Director General of Private Sector Operations, said, "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."

"This partnership exemplifies our leadership role in securing financing for clean energy facilities and encouraging 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.

Shakhawat Hossain, Managing Director of PT, said, "We are delighted to secure financing for one of the largest private sector solar projects in Bangladesh with the support of international lenders led by ADB."

"The partnership with an internationally renowned financial institution like ADB confirms PT's commitment to sustainable development and marks a significant step forward in our journey towards sustainable growth," he added.