Almaden Emirates Fortune Power LLC (AEFP) and Intraco Solar Power (ISL) have signed a Memorandum of Understanding (MOU) for the development of 5 GW solar power plants in Bangladesh that will be backed by a development investment commitment of US$ 5 Billion by Arab Investment Development Authority
The MOU, signed earlier in the week in Abu Dhabi, will also include close cooperation in current and ongoing solar projects across Bangladesh.
The MOU was signed at the UAE / Bangladesh summit in Abu Dhabi by H.E. Ghanim Al Mazrouei – Chairman AEFP witnessed by Mr. Anwar Hussein – Executive Director AEFP / Member Of The international Advisory Board Head Of Energy AIDA, Wen Kai Hsu – General Manager AEFP and Mr. Mohammed Riyadh Ali, ISPL Managing Director in the presence of His Excellency Sultan bin Saeed Al Mansouri – The Honorable Minister of the Economy in UAE, His Excellency AK Abdul Momen – The Honorable Foreign Minister –Bangladesh, His Excellency Nasrul Hamid, The Honorable State Minister for Energy, Power and Mineral Resources and His Excellency Saed Mohammed Al-Muhairi – UAE Ambassador to Bangladesh and His Excellency Mohammad Imran, Bangladesh Ambassador to the UAE.
The solar power plants project along with the manufacturing facility, which is set to be completed within the next 6 to 8 years, will be powered by a total of 14 million (14,000,000) solar panels making it the largest solar power plants investment in Bangladesh.
Speaking during the MOU signing ceremony, H.E. 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.”
On his part, H.E. Adil Al Otaiba Chairman AIDA said:
“AIDA is coming on board to co-develop and invest with AEFP and ISL in making this project with the Govt of Bangladesh a reality. 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 US$ 5 Billion. We intend to harness all the re-sources and our experiences for the success of the project”
On his part, Mr. Mohammed Riyadh Ali, Managing Director ISPL said:
“We are honored to join hands with AEFP and AIDA in this mega project. Our journey to transform Bangladesh into a renewable energy zone is now inching closer to fruition. AEFP brings unparalleled expertise that will be useful in ensuring the project’s success.”
AEFP and AIDA have already initiated several solar power plant development projects in the GCC, Africa, and Central Asian countries and will be instrumental in steering the project from concept to commissioning. The main objective of the project is to boost the rural population access to affordable, sustainable, and reliable electricity supply.
Bringing structuring expertise and financial closure, Safa Capital Limited (SCL) a company regulated by Dubai Financial Services Authority (‘DFSA’), are the lead Financial Advisors and Arrangers to this project. Mr. Faheem Aziz CEO Safa Capital said:
“This provides a unique opportunity for a UAE entity to help meet Bangladesh Government’s aspiration for growth and a higher standard of living for its people.”
Mr. Aziz emphasized Safa Capital’s vision of arranging innovative financial solutions for large transformational projects in the wider region of UK, Middle East, Africa and the Indian Sub-Continent.”
As part of the MOU, AEFP, AIDA, SCL along with ISPL will work on managing the development and transaction teams across multiple geographies, development models, and transaction environments.
Under the deal, AEFP, AIDA, SCL and ISPL will pool their resources and other partnerships together in order to strengthen their commitment towards the iconic project. The companies will work under a Total Utility Development and Solutions Integrator mechanism, which is anchored on development, technology, and innovation.