MANILA, Dec. 2 (Xinhua) -- The Asian Development Bank (ADB) said Monday it has signed a financing package of 24.3 million U.S. dollars with Muktagacha Solartech Energy Limited (MSEL) to establish a grid-connected solar photovoltaic power plant in Bangladesh.

As the sole mandated lead arranger, the ADB said it arranged, structured, and syndicated the financing package for MSEL, which is owned by Bangladesh-based energy company Joules Power Limited.

The project will build and operate a 20-megawatt (MW) grid-connected solar photovoltaic power plant, which will generate 37.9 gigawatt-hours of electricity annually and avoid 18,344 tons of carbon dioxide emissions annually, the Manila-based bank said.

"ADB's financing aims to drive progress and advance sustainable energy solutions in Bangladesh. The long-term financing will help promote private sector involvement in developing renewable energy in the country, while addressing the critical capital needs of renewable projects," said ADB Director General for Private Sector Operations Suzanne Gaboury. Enditem

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