AIDA promises $5bn for solar plants in Bangladesh

In:

Renewable energy

Region:

Asia-Pacific

Arab Investment Development Authority (AIDA) has pledged to invest $5 billion for developing 5GW solar power plants in Bangladesh, in cooperation with Almaden Emirates Fortune Power (AEFP) and Bangladesh-based Intraco Solar Power.

The main objective of the project is to boost the rural population's access to affordable, sustainable, and reliable electricity supply.

Safa Capital Limited, a company regulated by Dubai Financial Services Authority are the lead financial advisers and arrangers of this project.

Chairman of AIDA Adil Al Otaiba said that development in Bangladesh will reach its maximum capacity by 2030, in line with the expectations of the government of Bangladesh and "may cost close to $5 billion".

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