A memorandum of understanding (MoU) was signed between Bangladesh Economic Zones Authority (BEZA) and Joules Power Limited (JPL) on 24 December at the BEZA headquarters to establish country’s first solar Independent Power Producer (IPP).
A 100MW solar farm will be set up in the Chandpur Economic Zone with an investment of US$180 million. It is going to be a private sector venture in the power sector infrastructure project, said a press release.
According to the release, Managing Director of JPL Nuher Latif Khan and Executive Chairman of BEZA Paban Chowdhury signed the MoU on behalf of their respective sides.
JPL will construct a multipurpose jetty and install 37-kilometer 132KV transmission line. On the other hand, BEZA will provide JPL with about 500-acre land for the 100MW solar farm.
During the ceremony, Managing Director of JPL and Director of Dhaka Chamber of Commerce and Industry (DCCI) Nuher Latif Khan said that, there are immense potentials in the renewable energy sector in Bangladesh.
Nuher noted that the investment in the power sector was very viable for double-digit return because of strong Power Purchase Agreements and Implementation Agreements offered by the government.
Also Read: Rooftops with solar panels generating significant amount of electricity for industries