Deal signed to woo investments in solar power projects

| Updated: February 24, 2023 16:10:53

Deal signed to woo investments in solar power projects

The International Solar Alliance (ISA) signed Thursday a country partnership agreement with Power Division under the Ministry of Power, Energy and Mineral Resources (MPEMR) to facilitate enhanced solar-energy deployment in Bangladesh.

The partnership agreement will help Bangladesh create a pipeline of bankable solar projects and attract investments.

The country partnership strategy will be implemented by December 2026 and Power Division will also work together to prepare the country's Solar Road Map 2021-2041.

"Bangladesh requires technology as well as finance for rapid implementation of solar projects," state minister for the MPEMR Nasrul Hamid said speaking on the occasion as the chief guest.

The country has set a target to generate around 40 per cent of electricity from clean energy by 2041, he said.

"Bangladesh has been among the earliest supporters of the ISA, having joined a member country in 2016," said director general of ISA Dr Ajay Mathur.

"By signing this agreement we hope to strengthen our collaboration further and collectively make noteworthy strides in solar deployment," he said.

Solar is fast becoming the preferred energy of choice across the world and Bangladesh has significantly promoted solar energy applications, particularly on rooftops, he said.

A Solar Technology Application Resource Centre (STAR-C) will be established to build necessary human capacity and skills, he said. Asian Development Bank (ADB) is supporting regional power trade, ADB's deputy country director Jiangbo Ning said speaking on the occasion.

Power secretary Md Habibur Rahman inked the deal on behalf of Power Division and Dr Ajay Mathur on behalf of ISA.

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