Denmark's green investment proposal, worth $1.3 billion, to develop Bangladesh's first 500 MW offshore wind farm has received government approval to carry out a detailed feasibility study and undertake the first phase of development with exclusive rights to this site for the next three years. Danish companies Copenhagen Agricultural Partners (CIP) and Copenhagen Offshore Partners (COP), affiliated with Bangladesh's Summit Power International, submitted a foreign direct investment (FDI) proposal in July. The proposed project site is expected to be built near Cox's Bazar district, located in southeastern Bangladesh. Once operational, the 500MW offshore wind project will produce renewable electricity that is fed directly into the national grid via an onshore substation for households and businesses. The project provides a unique opportunity for the country to maximize the use of coastal resources, supporting the development of a “blue economy”, Summit said. Once implemented, the offshore wind project will be the first of its kind in Bangladesh and possibly South Asia, Summit said. Preliminary study results indicate that hundreds of direct and indirect jobs will be created during the construction phase, in addition to dozens of highly skilled permanent positions during the project's 30-year operating phase. Bangladesh, which remains heavily dependent on fossil fuel imports, aims to install 5 GW of onshore and offshore wind power by 2030, funded by the country's Renewable and Sustainable Energy Development Authority. Bangladesh (SREDA) set for 2022. Bangladesh Institute for Sustainable and Renewable Energy Research Energy Economics and Finance Analysis (IEEFA) predicts that Bangladesh will need $1.7 billion per year to support its green transition.