Joules Power Limited (JPL) and Bangladesh Economic Zones Authority (BEZA) on Monday signed a Memorandum of Understanding (MoU) at the BEZA headquarters to establish country’s first solar Independent Power Producer (IPP), a 100MW solar farm at BEZA’s Chandpur Economic Zone.
Managing Director of JPL Nuher Latif Khan and Executive Chairman of BEZA Paban Chowdhury signed the MoU on behalf of their respective sides, said a press release.
As per the MoU, JPL will construct a multipurpose jetty and a 37-kilometer long 132kV transmission line. It will be a private sector venture in the power sector with an investment of $180 million.
Under the MoU, BEZA will provide JPL with about 500 acres of land at their Chandpur Economic Zone to establish the 100MW solar farm which is expected to generate and supply power with the most efficient tariff.
During the ceremony, Managing Director of JPL and Director of Dhaka Chamber of Commerce and Industry (DCCI) Nuher Latif Khan said there are immense potentials in the renewable energy sector in Bangladesh.
“Investment in the power sector is very viable for double digit return because of strong power purchase agreements (PPA) and implementation agreements (IA) offered by the government,” he added.