DHAKA, Bangladesh, Nov. 7, 2023 /PRNewswire/ -- Denmark's green investment proposal valued at USD 1.3 billion for developing the country's first 500 MW utility-scale offshore wind energy project has received a nod in principle from the government to carry out a detailed feasibility study and implement the first phase of development with (site) exclusivity in next 3 years. Denmark's Copenhagen Infrastructure Partners (CIP), Copenhagen Offshore Partners (COP) in association with Bangladesh's Summit Group had submitted the foreign direct investment (FDI) proposal in July, 2023.

The proposed project site is located in the offshore of Cox's Bazar district. When functional, the 500 MW (installed) wind energy project would generate electricity which will be supplied directly to the national grid via an onshore substation to homes and businesses.

This offshore wind project in particular presents a unique opportunity for the country to maximize the utilisation of its coastal resources, supporting the development of the 'Blue Economy'. The project comes at a crucial point in time for Bangladesh as despite ambitious clean energy targets, the country remains heavily reliant on fossil fuel imports, a comparatively costly power source due to global inflation-related price shocks. Bangladesh therefore needs to rapidly develop utility-scale renewable energy projects, while simultaneously adapting to climate resilience technologies, to support continued economic growth and eliminate 'absolute poverty' by 2041. With the Institute for Energy Economics and Financial Analysis (IEEFA) projecting an annual requirement of USD 1.7 billion in funding for the green transition, this multibillion-dollar proposal from Summit, CIP and COP may kickstart a new wave of foreign and domestic investments, driving Bangladesh towards a truly climate prosperous future.

Once implemented, this offshore wind project will be the first of its kind in Bangladesh – and possibly in South Asia, enabling a "technology-transfer" that would accelerate the learning curve for a nascent industry and reduce technological barriers to entry for future projects. The preliminary study findings suggest that hundreds of direct and indirect jobs would be created during the construction phase, in addition to dozens of high-skilled permanent positions for the 30 year operational phase of the project.

About Copenhagen Infrastructure Partners (CIP): Founded in 2012, Copenhagen Infrastructure Partners P/S (CIP) is presently the world's largest dedicated fund manager within greenfield renewable energy investments, as well as a global leader in offshore wind. The funds managed by CIP focus on investments in offshore and onshore wind, solar PV, biomass and energy-from-waste, transmission and distribution, reserve capacity, storage, advanced bioenergy, and Power-to-X. CIP manages ten funds and has raised over EUR 25 billion to date for investments in energy and associated infrastructure. CIP has approximately 400 employees and 11 offices across North and South America, Europe, Asia, and Oceania.

About Copenhagen Offshore Partners (COP): Copenhagen Offshore Partners (COP) is a world leader in offshore wind project origination, development, and construction. COP is accelerating the energy transition through development of a 50+ GW project portfolio, one third of which represents floating offshore wind. An industry pioneer, the group is leading project development in new markets, including four projects currently under construction – Changfang Xidao and Zhong Neng in Taiwan, Vineyard Wind 1 in the United States and Jeonnam 1 in Korea. COP also specializes in system integration capabilities, including power-to-x. The group's expert team are advancing projects across 17 offices in Europe, Asia Pacific, and the Americas. COP is a proudly independent company owned by its management. 

 About Summit: Summit is the largest Independent Power Producer (IPP) in Bangladesh, reflecting 17% of the country's total private installed capacity and 10% of total installed capacity. Summit owns and operates a total of 18 power plants (in operation or under development) as well as operates Bangladesh's second Floating Storage and Regasification Unit (FSRU) and LNG import terminal with daily regasification capacity of 500 million cubic feet. Summit's partners include JERA, Mitsubishi Corporation and Taiyo Insurance Company of Japan and GE of the USA.