The consortium of IB Vogt GmbH and AG Agro Industries Ltd will set up a 50 MW grid-tied solar power plant at Baroiarhat in Mirsarai upazila of Chattogram on the build-own-operate basis.
State-owned Bangladesh Power Development Board (BPDB) will purchase electricity from the project over a period of 20 years.
The Cabinet Committee on Public Purchase approved the project in a meeting on Wednesday with Finance Minister AHM Mustafa Kamal in the chair.
As per a proposal placed by the Power Division, the BPDB will purchase per unit electricity from the plant at a tariff of $0.1094, equivalent to Tk 8.75, per kilowatt hour (each hour) on a condition of 'no electricity, no payment'.
The total accumulative payment will be Tk 1418.40 crore in 20 years, said the proposal.
The committee also approved a proposal of the Commerce Ministry to appoint a consultant for Export Competitiveness for Jobs.
IMC Worldwide Ltd won the job at a contract value of Tk 42.81 crore.
A project of the Water Resources Ministry received the committee's approval for extension of cost for its river slope protection project at Maheshkhali channel and Bakkhali river under the Cox's Bazar Airport Development Scheme.
Bangladesh Navy has been engaged in the project the cost of which will be raised by Tk 86.71 crore to Tk 278.41 crore.