FMO mulls $4.8m investment in Scatec Solar Bangladesh BV

Photo by Zbynek Burival on Unsplash

Dutch development bank FMO has proposed a $4.8 million investment in Scatec Solar Bangladesh BV, a company incorporated in the Netherlands and 100% owner of Bangla Sun Solar Energy Limited, according to a disclosure.

Scatec Solar and local player Rahimafrooz Renewable Energy Ltd are developing a 62 MW solar PV plant located in the Baispukur village in the Nilphamari northern district of Bangladesh (the project).

FMO said that the financing will be used for the development of the project that will be one of the first large scale solar PV plants in the country upon its completion.

“By funding this project, FMO can enable direct economic growth during the construction and operations of the project and indirect growth by providing a reliable electricity supply. The funding touches some of FMO’s key focus segments, Renewable Energy and Inclusive Development and allows FMO to build out renewable energy capacity in a market which today is still dominated by thermal power plants,” the Dutch lender said in the disclosure.

The project, which is expected to generate an average of 86 GWh of electricity annually, can assist Bangladesh in growing its power capacity with renewable sources to cover the rapidly growing energy demand.

Bangladesh has abundant solar resource availability. Under its Power System Master Plan 2016, the country aims to add 2,000 MW renewable energy projects by 2021 and has been working on creating an enabling environment for potential investors and lenders to invest in the sector.

Last year, the Dutch development bank proposed a senior unsecured loan worth $7.5 million for Bangladesh-based social enterprise Sajida Foundation. Sajida is the seventh-largest microfinance institution in Bangladesh with $199 million in total assets and $34 million in equity by the third quarter of 2019. It has 199 branches serving more than 340,000 customers during the period.

In the energy sector, most recently, FMO has proposed a $6.5 million investment in Vietnamese renewable energy company TTC Energy, a part of Thanh Thanh Cong Group and one of Vietnam’s leading solar conglomerates.

 

 

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.