Indonesia plans to invest $500 million in a 500 MW solar power project on Maheshkhali Island in Cox’s Bazar, Bangladesh. The project will be developed jointly by PT Pomarina Power and Bangladesh’s state-owned Coal Power Generation Company Limited (CPGCBL). A memorandum of understanding was signed between the companies, with Indonesia contributing half of the investment for a 50% stake in the joint venture. Maheshkhali is identified as having potential for 5,000 MW of power generation capacity, with the initial phase focusing on 500 MW. This initiative marks Indonesia’s significant entry into Bangladesh’s solar energy sector, complementing ongoing efforts to boost renewable energy. Bangladesh currently generates 521 MW from 11 solar power plants, with additional projects totaling 2,877 MW under various stages of development, aiming to achieve renewable energy targets of 10% by 2030 and a total power generation capacity of 60,000 MW by 2041.
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