July 4 (Renewables Now) - British solar power firm Proinso said on Tuesday it has partnered with Bangladesh-based Joules Power Ltd on a 28-MWp solar project in the Asian country.
Located in Teknaf, Chittagong division, the photovoltaic (PV) park is the first utility-scale facility of its kind in Bangladesh and will be commissioned this month. The plant’s annual output for the first year is expected to be 43,000 MWh and when working at peak capacity it will be able to meet up to 80% of Teknaf region’s entire electricity demand.
Debt funding for the project was obtained from Standard Chartered Bank and One Bank. Meanwhile, GuarantCo, part of the Private Infrastructure Development Group (PIDG), will provide an unconditional credit guarantee for over 50% of the project debt.
According to the statement, Proinso and Joules Power are planning to expand their partnership with future projects. Proinso will take part through its EPM solar project division.
The government of Bangladesh has set a target for the country to produce 10% from its power from renewable energy sources by 2020. At present, the country is highly dependent on natural gas for power generation.