DHAKA: Bangladesh is expecting a $1 billion solar project with Saudi energy giant ACWA Power to start generating power within the next year, a state minister told Arab News on Sunday, as the two countries work closer to step up their energy cooperation.
Saudi Arabia and Bangladesh signed cooperation agreements and established a joint business council on Saturday, as a high-level delegation led by the Kingdom’s Commerce Minister Majid bin Abdullah Al-Qasabi visited Dhaka to attend the Bangladesh Business Summit 2023.
The two countries have been discussing ways to boost cooperation in power, agriculture, and logistics, including between the Bangladesh Power Development Board and Saudi energy developer ACWA Power on the development of a solar power plant in the South Asian country.
HIGHLIGHTS
Bangladesh is expecting a $1 billion solar project with Saudi energy giant ACWA Power to start generating power within the next year.
Saudi Arabia and Bangladesh signed cooperation agreements and established a joint business council on Saturday.
Bangladeshi authorities are also in talks with their Saudi counterparts on importing LNG and finished oil from the Kingdom.
Officials are now conducting further studies for the 1,000 MW project following the signing of a memorandum of understanding about a month ago, Bangladesh’s State Minister for Energy and Power Nasrul Hamid told Arab News.
“The MoU was signed between Bangladesh Power Development Board and ACWA Power. It will be around $1 billion investment,” Hamid said. “It will be a kind of foreign direct investment in Bangladesh. We hope to get power from these panels within one year.”
Bangladeshi authorities are also in talks with their Saudi counterparts on importing LNG and finished oil from the Kingdom, he added.
With the expected visit later this year of Saudi Crown Prince Mohammed bin Salman, who has reportedly accepted an invitation from Prime Minister Sheikh Hasina, Bangladeshi officials are hopeful of more bilateral cooperation.
“We believe, during the proposed visit of Crown Prince Mohammed bin Salman, some big opportunities will be created for enhancing further cooperation between the countries,” Hamid said.
Al-Qasabi said on Saturday that his Dhaka visit was aimed at increasing bilateral trade, which currently stands at around $970 million.
Saudi Arabia and Bangladesh also signed agreements over the weekend to set up a fertilizer factory and agro-processing plant, which was welcomed by energy expert Dr. Ijaz Hossain.
“At one time (in) Bangladesh we had cheap gas, but no longer. So we have to think of these kinds of solutions because we need fertilizer, there is no substitute for that,” Hossain, a professor at the Bangladesh University of Engineering and Technology, told Arab News.
“That is a very good project, and Bangladesh should concentrate on that and make sure that is implemented.”
