BRAC Bank and Infrastructure Development Company Limited have jointly financed a landmark renewable energy initiative, a 64.55 MW solar power plant, operated by Bangladesh China Renewable Energy Company Limited. BRAC Bank PLC and Infrastructure Development Company Limited (IDCOL) have jointly financed a landmark renewable energy initiative, a 64.55 MW solar power plant, operated by Bangladesh China Renewable Energy Company Limited (BCRECL).
A ceremony was held at InterContinental Dhaka on November 6 to celebrate the financial closure of USD 67 million Syndicated Term Loan Facility for the project. BRAC Bank and IDCOL contributed USD 22 million and USD 45 million respectively in debt financing, underscoring their commitment to driving Bangladesh's clean energy transition, says a press release.
The large-scale solar plant, located in Pabna, has already commenced supplying clean electricity to the national grid, helping the country make a stride toward transition to renewable energy for sustainable growth.
Bangladesh China Renewable Energy Company Limited is a joint venture between North-West Power Generation Company Limited (NWPGCL) of the Government of Bangladesh and China National Machinery Import & Export Corporation (CMC). BCRECL operates a number of solar power plants in Bangladesh.
Dr. Ahsan H. Mansur, Governor of Bangladesh Bank, attended the ceremony as the chief guest.
Gayle Martin, PhD, Operations Manager, Bangladesh and Bhutan, The World Bank; and Dr. Rüdiger Lotz, German Ambassador to Bangladesh; attended the ceremony as the special guests. The event was chaired by Md. Shahriar Kader Siddiky, Secretary of the Economic Relations Division and Chairman, IDCOL. Alamgir Morshed, Executive Director and CEO, IDCOL; Tareq Refat Ullah Khan, Managing Director and CEO, BRAC Bank; and Qi Yue, Managing Director, BCRECL, along with senior officials from participating organizations
were present.
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