The Asian Development Bank (ADB) has approved a financing package worth $24.3 million (approximately BDT 2.92 billion) to boost renewable energy adoption in Bangladesh. The loan will fund the establishment of a grid-connected solar photovoltaic power plant in Mymensingh, implemented by Mymensingh-based Muktagacha Solartech Energy Limited (MSEL).
Project Overview
According to a press release from ADB’s Dhaka office, the initiative is part of a broader effort to promote environmentally sustainable energy solutions in Bangladesh. MSEL, a project under Bangladesh-based energy company Joules Power Limited (JPL), will utilize the funds to develop and operate the solar plant.
Financing Breakdown
ADB is acting as the mandated lead arranger for the financing package, which includes:
- A direct loan of $15.5 million from ADB.
- An additional $8.8 million loan from Leading Asia’s Private Infrastructure Fund (LEAP), administered by ADB.
Impact
This project represents a significant step toward reducing Bangladesh’s dependence on fossil fuels while aligning with the country’s renewable energy and sustainability goals. The solar power plant will contribute to clean energy production and help mitigate the effects of climate change.
