Could Bangladesh beat India to first offshore wind? Danes hatch $1bn plan
Global pioneers CIP and COP eye timescale as rapid as five years for 500MW project that could be first in South Asia
Denmark's Copenhagen Infrastructure Partners (CIP) has submitted a plan to the government of Bangladesh for the development of a pioneering 500MW commercial offshore wind project off the coast of the Bay of Bengal, which it claims has potential to be the first in South Asia and could even hit the water before giant neighbour India.
CIP in conjunction with project delivery arm Copenhagen Offshore Partners (COP) has proposed the project in accordance with Dhaka’s Mujib Climate Prosperity Plan (MCPP) policy framework, with future investments valued at $1.3bn, the twin global offshore wind players said.
Seeing a Bangladesh offshore wind farm in the water before it managed it would likely be a blow to India, which prides itself as a global green energy superpower but has seen its offshore wind ambitions stuck in the regulatory mire.
CIP and COP said the proposal comes at a crucial time for Bangladesh, as the nation has suffered from energy price shocks in the recent months due to its heavy reliance on fossil fuels.
Among larger nations, Bangladesh is also one of the most vulnerable to climate change due to its low-lying geography and the influence of the Monsoon season on flooding patterns.
“Bangladesh therefore needs to adapt rapidly to climate change, while simultaneously accessing cleaner, more efficient technologies that support decades of development and growth (and), a shift away from unstable fossil fuel imports,” CIP/COP stated.
“Once implemented, this offshore wind project will be the first of its kind in Bangladesh – and possibly South Asia, enabling a technology transfer that would accelerate the learning curve for a nascent industry and reduce barriers to entry for future projects.”
Danish cooperation
In early June, Bangladesh and Denmark approved a five-year joint action plan under a 2022 sustainable and green framework engagement agreement.
During a recent Dhaka visit Dan Jorgensen, the Danish Minister for Development Cooperation and Global Climate Policy, agreed to a partnership in green and clean technologies and investment for sustainable development.
In their statement, CIP/COP also expressed the hope that their “multibillion-dollar proposal…could also kickstart a new wave of investment, driving Bangladesh towards a truly climate prosperous future.”
CIP manages ten funds and has raised over €25bn ($28bn) to date for investments in energy and associated infrastructure.
CIP says its funds 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.