Intraco Solar Power Ltd (ISPL) recently signed a Memorandum of Understanding (MoU) with Almaden Emirates Fortune Power (AEFP) for implementing 5000 MW solar power plants in Bangladesh.
ISPL Managing Director Mohammed Riyadh Ali and AEFP Chairman Ghanim Al Mazrouei signed the MoU on behalf of the respective organisations at a hotel in Abu Dhabi, said a press release on Tuesday.Minister of Economy in UAE Sultan bin Saeed Al Mansouri, Foreign Minister of Bangladesh Dr AK Abdul Momen, State Minister for Energy, Power and Mineral Resources Nasrul Hamid and UAE Ambassador to Bangladesh Saed Mohammed Al-Muhairi, and Bangladesh Ambassador to the UAE Mohammad Imran were present at the signing ceremony, among others.
Under the MoU, AEFP and ISPL have agreed to cooperate on the current ongoing solar investment projects as well to engage into an investment for 5000 MW (5 GW) solar power plants in Bangladesh for both large scale grid - connected and off grid as well as waste to energy.
AEFP, in partnership with ISPL, intended to invest in the renewable energy projects in Bangladesh using technology, engineering and innovation for complete concept to commissioning services of large scale grid-connected and micro/off-grid standalone solar power projects with the intent to focus on projects that increase the rural population's access to affordable, sustainable and reliable electricity supply.
This will encourage an increase in rural community income and improves rural livelihoods. According to the MoU, AEFP along with ISPL will work on managing development and transaction teams across multiple geographies, development models, and transaction environments.