A $180 million memorandum of understanding (MoU) was signed between Bangladesh Economic Zones Authority (BEZA) and Joules Power Limited (JPL) on Monday to set up a solar farm in the Chandpur Economic Zone.
JPL will construct a multipurpose jetty and install 37-kilometer 132KV transmission line. It will be a private sector investment in power sector infrastructure project, a press release said. BEZA will provide about 500-acre land for the 100MW solar farm.
The memorandum was signed by JPL Managing Director Nuher Latif Khan, and BEZA Executive Chairman Paban Chowdhury at BEZA headquarters.“There are immense potentials in Bangladesh’s renewable energy sector,” said Nuher, also the director of Dhaka Chamber of Commerce and Industry.
It will be Bangladesh’s first solar Independent Power Producer project.Nuher noted that the investment in power sector was very viable for double digit return because of strong Power Purchase Agreements and Implementation Agreements offered by the government.