Bangladesh gets US$418m funding from Europe for renewable energy projects

The funds will support an installation of 750 MWp energy capacity.

The European Investment Bank (EIB) and the European Union allotted US$418m (€350m) for brand-new renewable energy projects in Bangladesh, which has an estimated of 750 MWp energy capacity.

The massive-scale project encompasses an EIB framework loan for green energy generation. This includes an additional US$47.8m (€45m) EU grant, which also intends to improve power distribution and decentralization.

The US$418m loan back utility-scale public green energy generation through various public promoters. Meanwhile, the additional US$47.8m grant will cover US$6.37m in technical assistance in fulfilling international market standards. 

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Several sub-projects will comprise utility-scale solar photovoltaic and onshore wind projects, as well as interconnected battery storage systems.

The combined grants from the European entities will support the efforts for climate action, green transition, and development of renewable energy projects in Bangladesh.

“As the EU Climate Bank, alongside our Global Gateway partners, the EIB is constantly working to increase the impact of its climate lending and to support countries like Bangladesh in transitioning to more sustainable and green energy generation,” Teresa Czerwińska, Vice President of EIB, weighed in.