WASHINGTON, March 1, 2019 - The World Bank’s Board of Executive Directors today approved financing for the following project:
Scaling-up Renewable Energy Project
IDA Credit: US$156 million
Terms: Maturity = 30 years, Grace period = 5 years
Strategic Climate Funds: US$29 million
Terms: Maturity = 40 years, Grace period = 10 years
Project ID: P161869
Project Description: The project will add up to 310 Megawatt (MW) in renewable energy generation capacity in Bangladesh and will help mobilize up to $212 million private sector participation to meet the growing demand for electricity in the country. The project aims to increase installed capacity of renewables through piloting and expanding investments in key market segments. The project will help provide better access to cleaner electricity as well as air by avoiding burning fossil fuels. It will help cut emissions by 377,000 tons of carbon dioxide equivalent a year. The project will support the Infrastructure Development Company Limited (IDCOL) with development of the Renewable Energy Financing Facility and provide resources to build market capacity and develop a pipeline of renewable energy projects.
