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EU offers €395m for renewables
11 October, 2023, 12:00 am
Last modified: 11 October, 2023, 12:10 am
www.tbsnews.net
Solar panels at a field in a rural area of Bangladesh. File Photo: Rehman Asad/TBS
Bangladesh's transition to renewable energy is set to receive a major boost with a €395 million loan from the European Investment Bank (EIB), the lending arm of the European Union. The loan will finance green energy projects that will help Bangladesh reduce its reliance on fossil fuels and combat climate change.
Of the total amount, €45 million will be provided as a grant by the EU and the remaining €350 million will be given as loan, said officials of the Economic Relations Division (ERD).
A formal agreement is scheduled to be signed in Belgium on 24-25 October, with Prime Minister Sheikh Hasina expected to attend the signing event, a senior ERD official told The Business Standard.
Speaking on the matter on Tuesday, Md Habibur Rahman, senior secretary of the Power Division, told TBS, "The government has increased its focus on renewable energy and the EU's funding will play an important role in advancing the country's renewable energy initiatives."
Bangladesh has been making strides in adopting renewable energy sources and attracting foreign investments in this sector. In August this year, a joint venture led by the Saudi-based ACWA Power Company, along with two local firms, agreed to establish Bangladesh's largest solar power plant in the Rampal upazila of Bagerhat, with an investment of $430 million.
In the same month, US Ambassador to Bangladesh Peter Haas revealed that the American investment firm Blackstone is actively exploring opportunities to invest in Bangladesh's solar energy sector.
The €395 million loan is the largest financing agreement to date between the EIB and Bangladesh. According to the EIB's official website, their total financing support to Bangladesh has reached €800 million.
During the pandemic, the EIB extended €250 million as budget support. The bank has been a key financial partner in funding at least two railway projects and the Dhaka Environmentally Sustainable Water Supply Project.
ENERGY
Saifuddin Saif11 October, 2023, 12:00 am
Last modified: 11 October, 2023, 12:10 am
EU offers €395m for renewables
A formal agreement is scheduled to be signed in Belgium on 24-25 October, with Prime Minister Sheikh Hasina expected to attend the signing event, a senior ERD official told The Business Standard.
A formal agreement is scheduled to be signed in Belgium on 24-25 October, with Prime Minister Sheikh Hasina expected to attend the signing event, a senior ERD official told The Business Standard.
Solar panels at a field in a rural area of Bangladesh. File Photo: Rehman Asad/TBS
Solar panels at a field in a rural area of Bangladesh. File Photo: Rehman Asad/TBS
Bangladesh's transition to renewable energy is set to receive a major boost with a €395 million loan from the European Investment Bank (EIB), the lending arm of the European Union. The loan will finance green energy projects that will help Bangladesh reduce its reliance on fossil fuels and combat climate change.
Of the total amount, €45 million will be provided as a grant by the EU and the remaining €350 million will be given as loan, said officials of the Economic Relations Division (ERD).
A formal agreement is scheduled to be signed in Belgium on 24-25 October, with Prime Minister Sheikh Hasina expected to attend the signing event, a senior ERD official told The Business Standard.
Speaking on the matter on Tuesday, Md Habibur Rahman, senior secretary of the Power Division, told TBS, "The government has increased its focus on renewable energy and the EU's funding will play an important role in advancing the country's renewable energy initiatives."
Bangladesh has been making strides in adopting renewable energy sources and attracting foreign investments in this sector. In August this year, a joint venture led by the Saudi-based ACWA Power Company, along with two local firms, agreed to establish Bangladesh's largest solar power plant in the Rampal upazila of Bagerhat, with an investment of $430 million.
In the same month, US Ambassador to Bangladesh Peter Haas revealed that the American investment firm Blackstone is actively exploring opportunities to invest in Bangladesh's solar energy sector.
The €395 million loan is the largest financing agreement to date between the EIB and Bangladesh. According to the EIB's official website, their total financing support to Bangladesh has reached €800 million.
During the pandemic, the EIB extended €250 million as budget support. The bank has been a key financial partner in funding at least two railway projects and the Dhaka Environmentally Sustainable Water Supply Project.
