Denmark’s Copenhagen Infrastructure Partners sets sail for a greener future. Image: Wikipedia/ Nagarjun Kandukuru
DENMARK’S Copenhagen Infrastructure Partners (CIP) has presented a plan to the government of Bangladesh for the development of a groundbreaking 500MW commercial offshore wind project in the Bay of Bengal. CIP, along with project delivery arm Copenhagen Offshore Partners (COP), submitted the proposal in line with Dhaka’s Mujib Climate Prosperity Plan (MCPP) policy framework. The project is estimated to require a total investment of $1.3 billion.
COP and CIP are aiming for a relatively short timeline of approximately five years, from in-principle approval to project commissioning. This ambitious timeline puts the project in direct competition with India’s offshore wind projects, potentially making it the first of its kind in South Asia. India, despite its aspirations of becoming a global green energy superpower, has faced regulatory challenges, with zero offshore turbine capacity established to date.
The submission of the offshore wind project proposal is timely for Bangladesh, which has recently experienced energy price shocks due to its heavy reliance on fossil fuels. Additionally, Bangladesh is one of the most vulnerable nations to climate change, given its low-lying geography and susceptibility to flooding during the monsoon season. The offshore wind project aligns with Bangladesh’s urgent need to adapt to climate change while transitioning to cleaner and more efficient technologies, reducing its dependence on unstable fossil fuel imports.
Wind and solar power in #Denmark reach 67% share in H1 @RenewablesNow https://t.co/PtwKmQ9NAY
— sdewes_centre (@sdewes_centre) July 11, 2023
If implemented, the project would not only be a first for Bangladesh but also for South Asia, contributing to technology transfer and accelerating the learning curve for the nascent offshore wind industry in the region. This could pave the way for future projects by reducing barriers to entry and encouraging investment in renewable energy.
Denmark and Bangladesh have also recently established a joint action plan focused on sustainable and green development. The Danish Minister for Development Cooperation and Global Climate Policy, Dan Jorgensen, visited Dhaka, solidifying the partnership and agreeing to collaborate on green and clean technologies and sustainable investment.
Denmark offer $1.3bn investment for offshore wind energy in Bangladesh https://t.co/asJB30hRpN #offshore_wind_energy#Denmark #Bangladesh
— South Asian Update (@updates_asian) July 12, 2023
CIP manages multiple funds and has raised over €25 billion ($28 billion) for investments in energy and associated infrastructure. Their investment focus includes offshore and onshore wind, solar PV, biomass and energy-from-waste, transmission and distribution, reserve capacity, storage, advanced bioenergy, and Power-to-X technologies.
The multibillion-dollar offshore wind project proposal not only holds the potential to transform Bangladesh’s energy landscape but also to stimulate investment and drive the nation towards a climate-prosperous future.
