Bangladesh has recently given the green light for the establishment of its first offshore wind power plant, marking a major milestone in the country’s path towards renewable energy. The government has given its approval in principle to a detailed feasibility study for the project. The initial phase of development of the site is also scheduled to be completed within the next three years, according to a statement issued by the company involved.
Copenhagen Infrastructure Partners (CIP) and Copenhagen Offshore Partners (COP) of Denmark, in collaboration with Summit Group, had proposed an investment of $1.3 billion for this innovative company. Bangladesh’s Energy Division granted approval in late October, setting the stage for the 500-megawatt wind power project to take shape off the coast of Cox’s Bazar in the country’s southwest.
Once operational, the offshore wind power plant will supply electricity directly to the national grid via an onshore substation. This project not only promises to boost the country’s renewable energy capacity, but also presents a unique opportunity for Bangladesh to harness its coastal resources and support the development of its blue economy.
According to Summit Group, Bangladesh urgently needs to accelerate the development of large-scale renewable energy projects to meet its ambitious clean energy goals and reduce its heavy dependence on fossil fuels. With rising global inflationary pressures driving up the cost of imported fossil fuels, the need for sustainable alternatives has become even more pressing.
The Institute of Energy Economics and Financial Analysis has estimated that an annual investment of $1.7 billion is needed for Bangladesh’s green transition. The offshore wind project with CIP and COP is expected to attract domestic and foreign investment, which could drive a new wave of sustainable development in the country.
In addition to its economic benefits, the project is also set to create numerous employment opportunities. Hundreds of direct and indirect jobs will be created during the construction phase, providing a significant boost to the local workforce. Additionally, the operational phase will offer dozens of highly skilled permanent positions over the 30-year life of the project.
With this historic approval, Bangladesh is laying the foundation for a cleaner, greener and more sustainable future. By embracing renewable energy and harnessing its coastal resources, the country is taking a crucial step towards achieving its long-term climate and development goals.
- What is Bangladesh’s first offshore wind energy project?
The first offshore wind project in Bangladesh is a 500-megawatt plant located off the coast of Cox’s Bazar in the southwest of the country. It will supply electricity directly to the national grid through an onshore substation.
- Who are the key actors involved in this project?
Denmark’s Copenhagen Infrastructure Partners (CIP) and Copenhagen Offshore Partners (COP), in collaboration with Summit Group, are leading efforts to establish the offshore wind project in Bangladesh.
- What are the expected benefits of this project?
In addition to increasing Bangladesh’s renewable energy capacity, the project presents an excellent opportunity for the country to utilize its coastal resources and support the development of its blue economy. It will also create employment opportunities during the construction and operation phases.
- Why is renewable energy important for Bangladesh?
Bangladesh aims to reduce its heavy dependence on fossil fuels and achieve its ambitious clean energy goals. Furthermore, recent price increases in imported fossil fuels have highlighted the importance of developing utility-scale renewable energy projects to ensure energy security and economic stability.