Copenhagen Infrastructure Partners, an investment company specialising in wind power ventures, has joined with consultant Copenhagen Offshore Partners to propose a $1.3bn project to the government of Bangladesh.
According to Dhaka’s Daily Star, the two are looking to develop a wind farm in the Bay of Bengal with an initial capacity of 500MW.
The two companies have also proposed that Summit Group join their venture. Summit is an infrastructure operator and developer in South Asia, and independent power producer in Bangladesh.
At present, Bangladesh’s 29GW of installed generating capacity is 55% oil-fuelled and 38% gas-powered, so the project would be a valuable increase in the country’s renewable resources.
It would also enable a transfer of technology and engineering skills, thereby making it easier for Bangladesh to develop its own projects in the future.
Bangladesh is also one of the countries in the world most vulnerable to climate change, and faces “severe and increasing climate risk”, according to the World Bank. It estimates that, by 2050, a third of agricultural GDP could be lost and 13 million people could become internal climate migrants. In case of a severe flooding, GDP could fall by as much as 9%.