June 11 (Renewables Now) – A company behind a 35-MW utility-scale solar photovoltaic (PV) park project in Bangladesh has secured financing from the Asian Development Bank (ADB).
ADB has signed an agreement with private sector investor Spectra Solar Park Limited (SSPL) for USD 17.7 million (EUR 15.5m) in funding and is co-financing the project with Germany’s DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbH.
The financing comes in the form of a loan from ADB and a loan from the the ADB-administered Canadian Climate Fund for the Private Sector in Asia II (CFPS II), the bank said.
Bangladeshi investment bank Green Delta Capital served as lead arranger for the project.
According to documents in ADB’s database, SSPL is a special purpose vehicle owned by Bangladesh-based Spectra Engineers Limited (SEL) and China’s Shunfeng Investments Limited (SIL).
SIL, which owns a 20% stake in SSPL, is a subsidiary of Shunfeng International Clean Energy Ltd (HKG:1165).
As the borrower, SSPL will build, own and operate the plant.
The Spectra Solar Power project is sited in Paturia, Manikgonj District, located some 85 kilometres (52.8 miles) of the nation’s capital Dhaka. Once in operation, the solar park will generate electricity under a power purchase agreement (PPA) with state-owned Bangladesh Power Development Board.
The facility will be constructed in a rural area where opportunities for employment and skills development for women are lacking. ADB said that SSPL will address these issues through the project.
(USD 1.0 = EUR 0.878)