Reliance Power executes project agreement with BPDB

Reliance Power has recently executed Project Agreements with Bangladesh Power Development Board (BPDB) for Phase – I of 750 MW LNG based combined cycle power project at Meghnaghat, near Dhaka in Bangladesh, which include Power Purchase Agreement (PPA) and Implementation Agreement (IA). These were exchanged in the august presence of the Honourable Prime Minister of Bangladesh Sheikh Hasina, at a business summit organised by the CII in New Delhi.

An MoU has also been signed with PetroBangla to set up 500 mmscfd LNG terminal at Kutubdia Island near Chittagong in Bangladesh. The definitive agreements for setting up the LNG terminal will be executed with PetroBangla shortly. Full LNG terminal capacity will be used by PetroBangla to meet huge demand for power and other industries and replace costly and highly polluting fuels.

Reliance Power will install world-class equipment procured from internationally reputed original equipment manufacturers first for its 2,250 MW combined cycle power project at Samalkot in Andhra Pradesh, India, which will be relocated to Bangladesh in a phased manner.

Phase – I will have an investment outlay of nearly USD 1B, which is the largest foreign direct investment in Bangladesh. Financing of the project is under consideration of Asian Development Bank (ADB) and a consortium of lenders.

Reliance project will give a tremendous boost to the economic and industrial growth of Bangladesh and help enhance the energy security with clean, green and reliable LNG based power.

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