In a transformative move for Bangladesh’s energy landscape, the Asian Development Bank (ADB) has sealed a groundbreaking $121.55 million financing deal with Dynamic Sun Energy Private Limited. This partnership aims to construct and manage a pioneering 100MW grid-connected solar photovoltaic power plant in Pabna, Bangladesh.
Breaking new ground, this solar facility emerges as Bangladesh’s first private sector utility-scale solar endeavor to secure backing from global financiers, as outlined in an official press release.
Acting as the driving force, the ADB meticulously orchestrated, structured, and syndicated the debt package as the sole mandated lead arranger and bookrunner.
This comprehensive financing package encompasses a $46.75 million loan from the ADB, a syndicated B-loan of $28.05 million from ILX Fund I, an Amsterdam-based emerging market private credit fund committed to advancing Sustainable Development Goals, alongside a syndicated parallel loan of $46.75 million from the Japan International Cooperation Agency.
Suzanne Gaboury, Director General of ADB’s Private Sector Operations Department, underscored the institution’s pivotal role in supporting renewable energy initiatives in Bangladesh. Gaboury emphasized the challenges of securing long-term financing for such projects and heralded this partnership as a beacon for mobilizing clean energy investments.
Expected to generate 193.5 gigawatt-hours of electricity annually while averting 93,654 tons of carbon dioxide emissions per year, the solar power plant promises significant environmental benefits.
Expressing elation over securing financing for one of Bangladesh’s largest private sector solar ventures, Shakhawat Hossain, Managing Director of Dynamic Sun Energy, lauded the backing of international lenders, spearheaded by the ADB. Hossain hailed this collaboration as a testament to their commitment to sustainability and a monumental stride towards sustainable growth.
