World Bank backs Bangladeshi PV through 310MW renewables push

Facebook
Twitter
LinkedIn
Reddit
Email
The scheme will unlock US$212 million of private money for credits to PV developers (Credit: H. R. Siddique)

Bangladeshi PV developers are poised for a financing boost under a new US$185 million credit package from the World Bank.

The newly-approved Scaling-up Renewable Energy Project will work to build 310MW of capacity in the Asian state, where the grid supply contribution of installed renewables remains at a modest 1.5%.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

The US$185 million credit, supplied by the World Bank’s International Development Association, comes with concessional – or easier to repay – terms. It features a 30-year term, including a five-year grace period, and interest rates of 1.25%.

The package will support the first 50MW of a large-scale PV park, to be built by Bangladesh’s state-owned power company EGCB in the southeastern district of Feni; the plant has been billed as the country’s first ever “large-scale grid-tied” solar PV project.

A separate US$212 million in private money will be pooled into a Renewable Energy Financing Facility to be channelled as credits towards developers of large-scale and rooftop PV. In addition, the scheme will support data-gathering on renewables to inform future policy, including a potential new regulatory framework for rooftop PV.

“A strong collaboration between the public and private sector will help not only lower carbon emissions, but also meet energy demand,” said Jari Väyrynen, who heads up the Scaling-up Renewable Energy Project teams at the World Bank.

The World Bank’s renewables push in Bangladesh comes almost one year after it approved US$55 million for the country's PV mini-grids, solar lamps and cookstoves. A few weeks later, the institution pledged a further US$100 million for the development of 400MW of solar in Pakistan’s Sindh Province.

For PV developers, the fresh injection of concessional money follows expert predictions, weeks ago, that this stream of financing could help many countries shorten the renewable transition by years.

See here for more background on the Scaling-up Renewable Energy Project.

Read Next

Sponsored
July 12, 2024
PV Tech spoke with Helena Li at the Intersolar Europe 2024 event, about how Trina is looking to ensure effective operations.
July 8, 2024
The world will add 3.8TWac of new solar capacity by 2033, alongside 1.6TW of new wind capacity, according to Wood Mackenzie.
July 8, 2024
The Vietnamese government has announced to allow direct PPA between independent power producers and large electricity consumers.
July 4, 2024
A collective effort will be required to realise the potential of the solar PV industry, according to Sonia Dunlop of the Global Solar Council.
July 3, 2024
Innovations in wafer sophistication and advances in cell output voltage will be key developments in upstream solar, Martin Green told PV Tech.
July 2, 2024
The World Bank has committed US$1.5 billion to support India’s renewable energy transition, including new renewable power generation capacity.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
July 31, 2024
1:00 PM (BST) / 2:00PM (CEST)
Solar Media Events
September 24, 2024
Warsaw, Poland
Solar Media Events
September 24, 2024
Singapore, Asia
Solar Media Events
October 8, 2024
San Francisco Bay Area, USA
Solar Media Events
October 15, 2024
Santiago, Chile