Malaysian company OCK Group Berhad will invest $100 million in a 100 MW solar power plant in Bangladesh under a joint venture agreement with local business Ananda Agro Group.
Ananda Agro managing director Lion SH Chowdhury and OCK Group executive director Chong Wai Yew signed a deal in Kuala Lumpur on Friday which will see Ananda invest land and finance into the JV.
The plant will be at Gangachara Upazila in Bangladesh’s northern district of Rangpur, at the limits of the nation’s grid, and the energy generated will be purchased by the Bangladesh Power Development Board under a PPA. Although the tariff secured for the electricity generated was not confirmed, the current payment for new plants in Bangladesh is between $0.1050 and $0.110 per kWh.
Ananda director Tania Chowdhury Urmi told pv-magazine her company has almost 287 acres of land in Gangachara Upzila. “We had been looking for investors for the solar power project,” she said. “Now we have signed the deal and construction will be started shortly.”
Although there are larger projects in the pipeline, Bangladesh’s largest operating solar project to date was a 20 MW scheme which came online in September.
OCK Group builds, owns and partners with license owners on 10 solar farms with an aggregate power production of more than 5.9 MW.
“To further promote the practice of green energy, OCK also offers innovative partnerships to license holders in need of support to construct solar farms on rooftops or ground level,” the company’s website states.