Danish investors propose USD-1.3bn wind project off Bangladesh

Denmark’s Copenhagen Infrastructure Partners (CIP) and Copenhagen Offshore Partners (COP) plan to pour USD 1.3 billion (EUR 1.16bn) into a project to install a 500-MW offshore wind farm in Bangladesh.

The duo said on Wednesday it has lodged its investment proposal with the government of the South Asian country, which is still heavily dependent on fossil fuel imports. According to the investors, the project “presents a unique opportunity for the country to maximise the utilisation of its coastal resources” and could kick start a new wave of investment.

Planned to be installed off the coast of the Bay of Bengal, the future wind farm will be the first of its kind in Bangladesh. Preliminary studies have shown that a project of this scale will create hundreds of direct and indirect jobs in the construction phase, plus some permanent positions during the plant’s 30-year lifespan.

Fund manager CIP and renewable energy company COP have proposed South Asian infrastructure developer and power producer Summit Group to join the project.

The Institute for Energy Economics and Financial Analysis (IEEFA) estimates that Bangladesh needs to spend around USD 1.7 billion on green transition initiatives. The country has set a goal of sourcing 40% of its energy from renewables by 2041.

(USD 1.0 = EUR 0.891)

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