Copenhagen Infrastructure Partners (CIP) and Copenhagen Offshore Partners (COP) have submitted a $1.3 billion investment proposal to the Bangladesh Government for the development of a 500 MW commercial offshore wind project off the coast of the Bay of Bengal.
The proposal comes at a crucial point in time for Bangladesh that is currently heavily reliant on fossil fuel imports. Once implemented, this offshore wind project will be the first of its kind in Bangladesh. CIP and COP have proposed Summit Group – a leading infrastructure operator and developer in South Asia and the largest IPP in Bangladesh – to join the consortium.
According to a joint press release from CIP and COP, this offshore wind project presents an opportunity for Bangladesh to maximise the utilisation of its coastal resources. It states: “As a highly climate-vulnerable nation, Bangladesh’s annual GDP could fall by as much as 9 per cent by the middle of the century due to climate change, according to the World Bank. Bangladesh, therefore, needs to adapt rapidly to climate change while accessing cleaner technologies that will support decades of development and growth.”