PROINSO, Joules Power Win Asian Power Award for Bangladesh’s 28 MW Solar Project

PROINSO has completed this 28MWp project in Teknaf, Bangladesh in partnership with Joules Power (JPL).

UK-headquartered PROINSO has won the Asian Power Award 2018 for the 28MWp utility scale project in Bangladesh under the category of “Solar Power Project of the Year – Bangladesh”.

PROINSO has completed this 28MWp project in Teknaf, Bangladesh in partnership with Joules Power (JPL).

Both the companies have been announced winners of the Asian Power Awards 2018 at the gala ceremony on September 19 attended by over a hundred senior executives and prime industry figures in Jakarta, Indonesia.

Further, this project is the first large scale solar plant in Bangladesh that commenced commercial operation earlier this month.

Moreover, such 28MW project is the first step towards the government’s target of producing 2,000MW of solar power by 2021.

The company said in a statement that, the solar PV plant will cover up to 80 percent of the present electricity demand of the entire Teknaf region and result in reduction in CO2 emissions of 20,000 tons each year, with estimated 400,000 tons of carbon dioxide emissions to be prevented over the next 20 years.

Besides, the project’s foreign currency financing is being arranged by Standard Chartered Bank with a risk guarantee being provided by GaurantCo part of the Private Infrastructure Development Group (PIDG) and local currency component being arranged by a consortium of Bangladeshi Banks led by One Bank.

Commenting on the development, PROINSO South Asia, Managing Director, Kunal Chandra said, “This project is a demonstration of both PROINSO’s business philosophy and global capabilities in solar projects. We believe that a strong collaboration between global and local businesses and institutions is the key to achieving long-term sustainable growth and reaching renewable energy targets, as defined by the Paris Agreement.”