Teknaf Solar PV Plant

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The project involves the development and construction a 28 MW solar PV plant, located on a 116-acre remote part of Cox’s Bazar, Aukhali, Hinla, Teknaf, far south-eastern Bangladesh. Sponsors of the project are Joules Power (95%) and an undisclosed Chinese supplier (5%). The SPV is called Teknaf Solartech Energy. The debt funding amounts to $ 25 million of which Standard Chartered provided $15 million dual currency loan and around $10 million BDT equivalent (BDT 824 million) was provided by local banks: One Bank (BDT 458 million or 5.32 million), Saudi-Bangladesh Industrial & Agricultural Investment (SABINCO) – BDT 183 million or $ 2.15 million and Shahjalal Islami Bank – BDT 183 million or $ 2.15 million. Given the 70:30 debt-to-equity ratio, it can be estimated that the project cost is $ 35.71 million. The electricity will be purchased based on 20-year PPA whereby the plant will supply power to offtaker Bangladesh Power Development Board (BPDB) at $0.13 per KWh. The transaction reached financial close on 10 May 2019. https://ijglobal.com/data/transaction/46568/teknaf-solar-pv-plant-28mw https://ijglobal.com/articles/139964/teknaf-solar-bangladesh