BRAC Bank, IDCOL fund 64.55 MW solar project

A ceremony celebrating the financial closure of the USD 67 million Syndicated Term Loan Facility for the project was held on Thursday at the InterContinental Dhaka, said a press release on Saturday.

BRAC Bank PLC and IDCOL contributed USD 22 million and USD 45 million respectively, reaffirming their commitment to supporting Bangladesh’s clean energy transition.

The large-scale solar power plant, located in Pabna, has already begun supplying electricity to the national grid, marking a significant step forward in the country’s journey towards renewable energy and sustainable growth.

BCRECL is a joint venture between North-West Power Generation Company Limited (NWPGCL) — a subsidiary of the Bangladesh government — and China National Machinery Import & Export Corporation (CMC). The company currently operates several solar power plants across Bangladesh.

Governor of Bangladesh Bank Dr Ahsan H. Mansur attended the event as the chief guest. Special guests included Gayle Martin, Operations Manager for Bangladesh and Bhutan at the World Bank, and Dr Rüdiger Lotz, German Ambassador to Bangladesh.

The event was chaired by Md Shahriar Kader Siddiky, Secretary of the Economic Relations Division and Chairman of IDCOL.

Among others, IDCOL Executive Director and CEO Alamgir Morshed, BRAC Bank Managing Director and CEO Tareq Refat Ullah Khan, and BCRECL Managing Director Qi Yue, along with senior officials from the participating organisations, were also present.

BRAC Bank Managing Director and CEO Tareq Refat Ullah Khan said that together with IDCOL it has mobilised long-term financing for a project that delivers clean energy to the national grid, reduces carbon emissions, and supports Bangladesh’s renewable energy transformation.

“The commissioning of this solar plant stands as a testament to effective public-private collaboration in driving large-scale sustainable infrastructure. As a values-based institution, BRAC Bank remains committed to accelerating the clean energy transition in Bangladesh.”

IDCOL Executive Director and CEO Alamgir Morshed said that IDCOL is committed to driving Bangladesh’s clean energy transition through innovative financing.

“This 64.55 MW solar park, financed jointly with BRAC Bank PLC, is a key milestone in boosting the renewable energy sector and cutting carbon emissions. We thank BCRECL for leading the way towards a greener future.”

The collaboration highlights the shared vision of BRAC Bank and IDCOL to advance renewable energy, foster environmental sustainability, and enhance energy security through innovative financing solutions in Bangladesh, reports UNB.