Dhaka, Oct. 19 -- The Chittagong Port Authority has signed an agreement to install an 8.42 megawatts (MW) rooftop solar power plant under its "Green Port Initiative", aiming to reduce electricity costs and reliance on the national grid.

The agreement was signed on Monday at the port's One-Stop Service Centre with Greener Garments Initiative Ltd (GGI), according to a statement by the port authority.

Port Chairman Rear Admiral SM Moniruzzaman and GGI Chief Executive Officer Mohammad Nure Alam signed the agreement.

The agreement says GGI will finance and implement the project under an operating expense (OPEX) model, in line with government directives.

The Chittagong Port Authority is not required to make any initial capital investment or...