The World Bank has approved $185 million to add up to 310 Megawatt (MW) in renewable energy generation capacity in Bangladesh and mobilize private sector participation to meet the growing demand for electricity in the country.
The Scaling-up Renewable Energy Project will increase installed capacity of renewables through piloting and expanding investments in key market segments.
It will build the first 50 MW phase of a large scale solar panel energy park in Feni district, which will be implemented by the Electricity Generation Company of Bangladesh (EGCB), according to a press release received from Washington recently.
Currently, the share of the total installed renewable energy in grid supply is only 1.5 per cent and has significant potential for scaling up.
The project will help provide better access to cleaner electricity as well as air by avoiding burning fossil fuels. It will help cut emissions by 377,000 tons of carbon dioxide equivalent a year.
