Singapore’s Cyclect Energy set to install 50 MW PV plant in Bangladesh

The Bangladesh Power Development Board (BPDB) floated tenders to build four solar PV power plants totaling 50 MW each in Chittagong, Chuadanga, Netrokona, and Mymensingh back in 2018 on a build, own and operate basis.

A senior power ministry official from Bangladesh’s Prime Minister’s Office told pv magazine that Cyclect Energy was the only bidder for the 50 MW Chuadanga PV project, with a proposed tariff of US$0.12/kW.

He added that this is higher than the tariffs quoted for the two PV power plants in the Chittagongand Netrokona district by other, unnamed, companies.

The Prime Minister’s Office thus approved a proposal allowing the Ministry of Power to negotiate with Cyclect Energy to reduce the tariff under an amended to the Quick Enhancement of Electricity and Energy Supply (Special Provision) Act 2010,

“We have had the first negotiation meeting with the company recently and are hopeful that the price will go down,” the official said, adding, “We decided that instead of buying power at a high price, we have the scope to negotiate price under the special act and now we are doing so.”

Cyclect Energy has already secured 175 acres of land for the project, located close to Chuadanga 132/33 kV Grid Substation. Once a final price has been negotiated, a power purchase agreement will be sent to the cabinet committee on economic affairs for approval. The BPDB will buy electricity from the solar power plants for a period of 20 years.

Overall, Bangladesh has set a new roadmap to generate 40% electricity from renewables by 2050. Presently, the country generates just 766.8 MW, which is around 3% of total generation capacity.