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The Asian Development Bank (ADB) has awarded a $17.7m loan to Spectra Solar Park Limited for the development of a 35MW utility-scale solar pv project in Bangladesh.

The project is one of the first private sector solar plants in Bangladesh to be financed by multilateral institutions.

The project will help Bangladesh to expand its portfolio of renewables, secure its energy supply and meet climate goals.

The loan is co-financed by the ADB and the Canadian Climate Fund for the Private Sector in Asia II (CFPS II), established by the Government of Canada to encourage private investment in climate change mitigation in Asia and the Pacific.

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The project will generate 50GW of clean energy into the national grid per annum, enough to avoid 33,200 metric tons of carbon dioxide emissions.

ADB’s Private Sector Operations Department Shantanu Chakraborty, said: “This project strongly demonstrates that the solar energy sector in Bangladesh is an attractive destination for private sector engagement.

“This is a landmark project that will also incorporate very specific and meaningful design features to empower women and ensure a gender inclusive workplace.”

Managing director of Spectra Solar Park Limited Khan Md. Aftabuddin, adds: “Bangladesh is committed to combating climate change and increasing energy access from renewable energy sources.

The Spectra Solar Power Project establishes important precedents for the solar energy sector in Bangladesh by adopting international best practices. We are grateful to ADB for their commitment and assistance on this project.”

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 Rafiqul Islam, the managing director of Green Delta Capital, reiterates: “ADB’s financing with co-financing by DEG in this project will help to scale up solar projects and unlock foreign investments for renewable energy in Bangladesh.”