Copenhagen submits proposal to set up 500 MW offshore wind power plant in BD

Copenhagen Infrastructure Partners ("CIP") and Copenhagen Offshore Partners ("COP") have submitted an USD 1.3 billion investment proposal to Bangladesh to develop a commercial, utility-scale offshore wind project with an initial capacity of 500 MW.

Bangladesh and Denmark approved a "Joint Action Plan" for the next five years under the '2022 Sustainable and Green Framework Engagement', in accordance with the Mujib Climate Prosperity Plan in early June.

"The offshore wind project in particular presents a unique opportunity for the country to maximise the utilisation of its coastal resources, supporting the development of the 'Blue Economy', it will open a new era in Bangladesh's energy sector," Director General of Power Cell Mohammad Hossain told the Daily Observer on Tuesday.    
"During a Dhaka visit Dan J�rgensenin recent time, the Danish Minister for Development Cooperation and Global Climate Policy had agreed to a partnership in green and clean technologies and investment for sustainable development," a senior official of the Power Division said.

As Denmark is the pioneer and global leader in developing the wind energy industry, this initial investment proposal and continued collaboration could be a key driver of Bangladesh's progression into a green nation, official said.

According to the World Bank, as a highly climate vulnerable nation, Bangladesh's annual Gross Domestic Product (GDP) could fall by as much as 9 per cent by the middle of the century due to climate change.

Bangladesh therefore needs to adapt rapidly to climate change and limiting emissions as the country aims to achieve high-income status and elimination of absolute poverty by 2041.

With the Institute for Energy Economics and Financial Analysis (IEEFA) projecting an annual need of USD 1.7 Billion in funding for the green transition.

Copenhagen Infrastructure Partners P/S (CIP) is presently the world's largest dedicated fund manager within greenfield renewable energy investments, as well as a global leader in offshore wind. The funds managed by CIP focus on investments in offshore and onshore wind, solar PV, biomass and energy-from-waste, transmission and distribution, reserve capacity, storage, advanced bioenergy.

The group also specialises in system integration capabilities, including Power-to-X. COP's expert teams are advancing projects across 17 offices in Europe, Asia Pacific, and the Americas, according to a CIP release.

Meanwhile, preliminary study findings suggest that hundreds of direct and indirect jobs could be created during the construction phase, in addition to dozens of permanent positions during the 30 year operational phase of the project, official said.