Saudi Arabia's ACWA Power has signed a non-binding Memorandum of Understanding (MoU) with state-owned Bangladesh Power Development Board (BPDB) to set up a 1000MW solar power plant in Bangladesh.

Welcoming the initiative, State Minister for Power, Energy and Mineral Resources Nasrul Hamid said that the investment and technology of the ACWA will help Bangladesh achieve its clean energy goal of 2041.

He said Bangladesh has been supporting renewable energy in different ways.

"The government has been working in a coordinated manner to promote renewable energy. State-owned Sustainable and Renewable Energy Development Authority (Sreda) is providing necessary technological support and consultations,"  he said at the contract signing ceremony held at Biduyt Bhaban in the city on Monday.

Nasrul Hamid said the application of modern technology is essential to overcome the land-scarcity-related problem.

"We hope ACWA will bring that solution which will help achieve our goal for 2041," he added.

BPDB Board Secretary Mohammad Selim Reza and ACWA Power business development department's Executive Director Ayad Al Amri signed the MoU on behalf of their respective sides.

As per the non-binding MoU, ACWA Power will provide technological and financial support while BPDB will extend its administrative support for the 1000MW solar power project.

With BPDB Chairman Md Mahbubur Rahman in the chair, the function was also addressed by Power Secretary Habuibur Rahman and Saudi Arabia's Ambassador to Bangladesh Essa Bin Yousef Al Duhailan.