US$24.3 million financing package issued for 20 MW solar plant in Bangladesh

The Asian Development Bank (ADB) has signed a US$24.3 million financing package with Muktagacha Solartech Energy Limited (MSEL), a subsidiary of Bangladesh-based energy company Joules Power Ltd.(JPL) to establish a grid-connected 20 MW solar photovoltaic power plant in Mymensingh, Bangladesh.  

The package consists of a US$15.5 million loan from the ADB and a US$8.8 million loan from Leading Asia’s Private Infrastructure Fund 2 (LEAP 2), which is administered by the ADB. 

Once operational the solar power plant will generate 37.9 gigawatt-hours of electricity annually and avoid 18,344 tons of carbon dioxide emissions annually.

LEAP 2 is an ADB-managed fund with a US$1.5 billion commitment from the Japan International Cooperation Agency. It focuses on sustainable private sector infrastructure projects that reduce carbon emissions, improve energy efficiency, and provide affordable health care, education, and communication services to ADB’s developing member countries.