IDCOL takes home Asian Power Awards 2025 distinction for solar power plant financing

The financial institution has provided the project with up to US$55m through a syndicated financing arrangement.

Infrastructure Development Company Limited (IDCOL), a government-owned development finance institution of Bangladesh, clinched the Solar Power Project of the Year - Bangladesh accolade at the prestigious Asian Power Awards 2025 for providing significant funding to the 68 MW Sirajganj Solar Power Project, which has become a landmark initiative that supports the country’s National Solar Energy Roadmap.

IDCOL has co-financed the project with around US$55m through a syndicated arrangement. This agreement is expected to support the supply of clean electricity to the national grid, with the project operating under a 20-year Power Purchase Agreement with the Bangladesh Power Development Board.

Developed by Bangladesh-China Renewable Energy Company Limited, the Sirajganj Solar Power Project exemplifies the potential of solar to drive Bangladesh’s low-carbon growth path. The project is set to displace fossil fuel-based generation, which is then expected to result in the reduction of approximately 73,835 tonnes of CO₂ equivalent per year.

The solar park incorporates robust design features, including an elevated substation and operational zones built to 16 metres above mean sea level, perimeter embankments, and resilient pile structures. These innovations are going to ensure reliable year-round operation despite climate-related risks, setting a model for future solar installations in vulnerable regions.

Built on 214 acres of previously barren land, it also complies with international ESG and environmental & social standards whilst ensuring fair stakeholder engagement and compensatory tree planting. It has also created about 400 construction jobs and 50 permanent positions.

“By enhancing the national grid’s renewable energy capacity, lowering electricity generation costs, and supporting Bangladesh’s fiscal and environmental goals, the Sirajganj 68 MW project stands as a flagship example of sustainable energy transformation in South Asia,” IDCOL said. “This deal is one of many similar financings IDCOL has delivered, underscoring its leadership in Bangladesh’s energy transition.”

The Asian Power Awards celebrates the innovative and groundbreaking projects and initiatives in the power sector. Dubbed as the “Oscars” of the power industry, the awards programme honours companies that have taken game-changing steps to meet the growing energy demand.

The Asian Power Awards is presented by Asian Power Magazine. To view the full list of winners, click here. If you want to join the 2026 awards programme and be acclaimed for your company's revolutionary innovations and initiatives, please contact Danica Avila at [email protected]