MoU for the Joint Development and Exploration of Power Project Opportunities in Bangladesh
Apr. 27, 2023
On April 27, Marubeni Corporation (hereinafter, “Marubeni”) signed a Memorandum of Understanding (hereinafter, “MoU”) with Asian Entech Power Corporation Limited (hereinafter, “AEPCL”) at a trading and investment summit in the presence of Prime Minister Sheikh Hasina. The MoU concerns the joint exploration and development of sustainable energy projects in Bangladesh.
In line with its strong economic growth even in the midst of the COVID-19 pandemic, Bangladesh envisages continuously increasing its power generation capacities. The Bangladeshi government aims to expand its renewable energy capacity to account for 10% of the country’s total generation capacity by 2030. Marubeni and AEPCL have initiated the exploration and development of various projects, including solar power projects located in Khulna Division and other areas (total maximum expected capacity of 600 MW), and the parties seek to collaborate further and promote an economically and environmentally sustainable power system.
Marubeni established the Marubeni Long-Term Vision on Climate Change in March 2021 and also highlighted green strategy as one of its main policies to increase corporate value in its Mid-Term Management Strategy (“GC2024”). Marubeni will continue to drive the decarbonization process of its corporate group forward by taking actions such as development of renewable energy projects.
In addition, Marubeni has a track record of installing approximately 1,300 MW of gas-fired power plants and hydropower plants in Bangladesh, delivering the entire railway system for Dhaka MRT Line 6, and long-term investment in a fertilizer manufacturing company. Marubeni is striving to play its part in the economic development of Bangladesh.
|Asian Entech Power Corporation Limited
|Tahzeeb Alam Siddique