The Bangladesh government has approved a US$1.3 billion investment plan by a Denmark-Bangladesh consortium to build a 500 MW offshore wind farm in the country鈥檚 waters.

Under the plan, the offshore wind farm is set to be installed off the Cox鈥檚 Bazar district located in the Chittagong Division of southern Bangladesh (Photo: AdobeStock)

Dhaka-based Summit Group announced its plans to develop the first utility-scale offshore wind farm in Bangladesh.

The project will be carried out by the independent power producer (IPP), along with Denmark鈥檚 Copenhagen Infrastructure Partners (CIP) and Copenhagen Offshore Partners (COP).

The government approval is said to allow the partners to conduct a detailed feasibility study and the initial development phase of its plan over the next three years.

Under the plan, the offshore wind farm is set to be installed off the Cox鈥檚 Bazar district located in the Chittagong Division of southern Bangladesh. The complex, if built, will feed electricity directly to the national power grid.

Bangladesh aims to generate 15% of its electricity from renewables by 2030, 40% by 2041 and 100% by 2050, reducing its reliance on fossil fuel imports.