Consortium gets nod to study 500-MW wind project off Bangladesh

The government of Bangladesh has given the green light to a USD-1.3-billion (EUR 1.21bn) investment proposal by a Denmark-Bangladesh consortium to build a 500-MW offshore wind farm in the South Asian country’s waters.

The project is set to create the first utility-scale offshore wind farm in Bangladesh, Dhaka-based Summit Group said on Sunday. The independent power producer (IPP) is behind the scheme, along with Denmark's Copenhagen Infrastructure Partners (CIP) and Copenhagen Offshore Partners (COP).

The government approval allows the partners to conduct a detailed feasibility study and the initial development phase of its plan over the next three years. Summit Group and its Danish partners submitted a foreign direct investment (FDI) proposal in July, saying the proposal would “kickstart a new wave of foreign and domestic investments.”

Under the plan, the offshore wind farm is set to be installed off the Cox's Bazar district located in the Chittagong Division of southern Bangladesh. The complex, if built, will feed electricity directly to the national power grid.

Bangladesh, which is still heavily reliant on fossil fuel imports, aims to produce 15% of electricity from renewables by 2030, 40% by 2041 and 100% by 2050. According to the Institute for Energy Economics and Financial Analysis (IEEFA), some USD 1.7 billion would be needed annually for the country in order to support its green transition.

(USD 1.0 = EUR 0.931)

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