Mymensingh: The Asian Development Bank (ADB) has finalized a $24.3 million financing package with Muktagacha Solartech Energy Limited (MSEL) for the development of a grid-connected solar photovoltaic power plant in Mymensingh, Bangladesh. This initiative marks a significant step in the country's renewable energy sector as it aims to enhance its energy infrastructure with international support. According to Bangladesh Sangbad Sangstha, ADB served as the sole mandated lead arranger, structuring and syndicating the financing package for MSEL, which is under the ownership of Bangladesh's Joules Power Limited (JPL). The package includes a $15.5 million loan from ADB and an $8.8 million loan from Leading Asia's Private Infrastructure Fund 2 (LEAP 2), managed by ADB, as per an ADB press release. This project is poised to construct and operate a 20-megawatt (MW) solar photovoltaic power plant, which is among the first private sector utility-scale solar facilities in Bangladesh to receive backing from international f inanciers. The solar power plant is expected to produce 37.9 gigawatt-hours of electricity annually and reduce carbon dioxide emissions by 18,344 tons each year. Suzanne Gaboury, ADB Director General for Private Sector Operations, stated, "ADB's financing aims to drive progress and advance sustainable energy solutions in Bangladesh. The long-term financing will help promote private sector involvement in developing renewable energy in the country, while addressing the critical capital needs of renewable projects." She also expressed satisfaction in partnering with JPL, a company noted for its pioneering efforts and innovation in Bangladesh's renewable energy sector. Currently, renewable energy accounts for only 4.5% of Bangladesh's total power capacity. JPL's Managing Director, Nuher Latif Khan, expressed enthusiasm about securing financing from ADB for their second solar project in the nation. "Collaborating with a globally respected financial institution like ADB underscores JPL's commitment to sustainabil ity and represents a major milestone in our pursuit of sustainable growth in renewable energy initiatives," he remarked. JPL, established in 2010, is part of the Expo group, a Bangladesh-based conglomerate engaged in various sectors, including renewable energy, international logistics, freight forwarding, and infrastructure development. LEAP 2, an ADB-managed fund with a $1.5 billion commitment from the Japan International Cooperation Agency, concentrates on sustainable private sector infrastructure projects that aim to cut carbon emissions, enhance energy efficiency, and offer affordable health care, education, and communication services to ADB's developing member countries. ADB continues its mission to foster a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, with an enduring commitment to eradicating extreme poverty. Established in 1966, ADB is comprised of 69 members, including 49 from the region.
