Almaden Emirates Fortune Power and Intraco Solar Power sign agreement to develop 5GW solar power plants in Bangladesh
UAE-based Almaden Emirates Fortune Power (AEFP) and Intraco Solar Power (ISL) have signed an agreement to develop 5GW solar power plants in Bangladesh.
The projects will be backed by a development investment commitment of $5 billion by Arab Investment Development Authority (AIDA), following the signing of the deal in Abu Dhabi.
The solar power plants project along with a manufacturing facility is set to be completed within the next 6-8 years, and will be powered by a total of 14 million solar panels, a statement said.
Ghanim Al Mazrouei, chairman AEFP, said: “We are delighted to be part of this life-changing project partly because of the positive impact it’s bound to have on the lives of rural folks, especially, in Bangladesh.
"This partnership with Intraco Solar Power Limited cements our shared vision, which is to empower the community through clean, renewable energy.”
Adil Al Otaiba, chairman AIDA, added: “The project is likely to reduce power costs in billions as well as to create jobs for both the power plants and the proposed solar manufacturing facility based on an annual 500 MW capacity. The development will reach its maximum capacity by 2030 in line with the expectations of the Government of Bangladesh and may cost close to $5 billion.”
AEFP and AIDA have already initiated several solar power plant development projects in the GCC, Africa, and Central Asian countries. They said the main objective of the new project is to boost the rural population access to affordable, sustainable, and reliable electricity supply.
Safa Capital Limited (SCL) a company regulated by Dubai Financial Services Authority, are the lead financial advisors and arrangers to this project.
Almaden Emirates Fortune Power Company is a joint venture partnership between The Emirates Fortune Group and Almaden MENA, a fully owned entity of Changhzou Almaden Co.
Combined with the factory in Dubai, the group hopes to achieve a production capacity of 2GW PV solar panels by the end of 2020.