Solar developer ib vogt has secured a power purchase agreement (PPA) for a 50MW solar PV plant in Bangladesh.
Signed through a 20-year PPA with Bangladesh Power Development Board (BPDP), a state-owned company, the electricity generated from the plant will be sold at a fixed price of US$0.1094/kWh.
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BPDP and Power Grid Bangladesh PLC signed the PPA, along with an Implementation Agreement for the 50MW solar PV plant with Sonagazi Solar Power Limited, sponsored by ib vogt.
Located in the Chittagong district, in southeastern Bangladesh, the project is expected to reach commercial operations in the second half of 2025.
The selection of Chittagong for the development of the project is not surprising as it the Bangladeshi division with the highest irradiation levels in the country. Last month, a subsidiary of Indonesian state-owned oil and gas company Pertamina, signed a memorandum of understanding (MoU) to build a 500MW solar PV plant in that region too.
Throughout the construction of the plant, the company will provide engineering, procurement and construction (EPC) management, while once the project is operational it will provide asset management.
This is the first project in Bangladesh from the German solar developer, a country which it aimed to enter two years ago when partnering with Filipino energy platform ACEN. The partnership between both companies targeted to build at least 1GW of renewables capacity in the Asia-Pacific region, with a focus on late-stage, shovel-ready projects in markets such as Indonesia, Vietnam, Malaysia, Laos, Bangladesh, as well as other countries in the region.
“Bangladesh is taking concrete steps to bring solar power to their grid, giving people access to clean, renewable energy. We are honoured to be part of this transition and would like to thank BPDB, PGCB, Minister of Power, Energy and Mineral Sources for their continuous support, constructiveness and commitment on enabling us reaching this milestone, to project site landowners that accommodate our international standards for the acquisition structure of the land and our advisors,“ said Anton Milner, CEO of ib vogt.
