Govt targets $50bn pvt investment in 12 years

The government has targeted $50 billion in private investment in the power sector over the next 12 years, State Minister for Power, Energy and Mineral Resources Nasrul Hamid has said. 

He said the government was formulating a policy to encourage private enterprises to use electricity from the national grid for commercial purposes.    

Nasrul was addressing an Asia Pacific ministerial roundtable online organised by the United Nations Economic and Social Commission for Asia and the Pacific as well as Sustainable Energy for All on Tuesday. 

“As the private sector was encouraged to invest in power, $12 billion came in the last decade. Now the private sector generates 44 per cent of power in the country.” 

He said five of the eight renewable power plants currently under construction are in the private sector while an agreement had been reached to set up 10 more.

“The National Solar Energy Roadmap 2021-2041 has been drafted. Clean energy has been given importance in the Mujib Climate Prosperity Plan as well as the Integrity Energy and Power Master Plan,” the state minister said. 

He said the government was providing various facilities, including a 15-year tax waiver, import duty concessions, and security for investment in the energy sector.

The Sustainable and Renewable Energy Development Authority was providing logistic and technical support for expanding renewable energy, added Nasrul.

Sustainable Energy for All Chief Executive Officer Damilola Ogunbiyi, United Nations Economic and Social Commission for Asia and the Pacific Executive Secretary Armida Salsiah Alisjahbana, Indian State Minister for Energy Raj Kumar Singh, and Indonesian Energy Minister Arefin Tashrif were present at the programme, among others.