China and Bangladesh has established a new joint venture company (JVC), titled “Bangladesh-China Power Company (Pvt) Ltd (Renewable),” to implement renewable energy projects having a target to generate around 500 MW of electricity.
State-run North-West Power Generation Company Ltd (NWPGCL) and China National Machinery Import and Export Corporation (CMC) inked a joint venture agreement on Tuesday to form the JVC where both the companies will have equal stakes.
Authorised capital of the JVC is Tk 10 billion, while its paid-up capital is Tk 160 million.
State minister for the Ministry of Power, Energy and Mineral Resources (MPEMR) Nasrul Hamid was the chief guest at the virtual JVA signing ceremony chaired by power secretary Dr Sultan Ahmed.
Speaking on the occasion Mr Hamid said the government will continue providing incentives to increase the use of renewable energy.
Net metering system has been introduced to encourage renewable energy-based distributed generation, he said.
Steps have been taken to expand further the use of solar home system, said Mr Hamid.
The lack of non-agro land is impeding implementation of large scale solar power plant projects in the country, he said.
Works are being carried out to implement floating and roof top solar power plants, said Mr Hamid.
Steps have also been taken to generate electricity from wastes, he said.
Some 23 projects to generate around 1,220 MW of electricity are now in operation across the country, he added.
Principal Secretary of Prime Minister’s Office Dr Ahmad Kaikaus, China’s Ambassador to Bangladesh Li Jiming, Bangladesh Power Develoipment Board (BPDB) Chairman Md Belayet Hossain, chief executive officer of NWPGCL A M Khurshedul Alam, and CMC chairman Ruan Guang also spoke on the occasion.