Midland East Power Ltd, a local private company, on September 17 signed an EPC (engineering, procurement construction) contract with a Chinese-Bangladeshi consortium for construction of a 150 MW furnace oil-based power plant in Ashuganj in the country.
The consortium of CRRC Siynang Co,. Ltd of China and local Green Power Ltd undertook the job to work as EPC contractor.
The Midland won the project from the government on unsolicited basis to set up the power plant and sale electricity as independent power producer (IPP).
State Minister for Foreign Affairs Shariar Alam, who was present at the signing ceremony at a local hotel, welcomed the deal and called both the sponsor and EPC contractor to make efforts for timely the implementation of the project so that the government can take power as per its schedule.
As per schedule, the sponsor will have to set up the project within 9 months from the date of contract to be signed with government.
The State Minister urged to remain cautious about the condition of the project to avert punishment saying that if the sponsor fails to implement the project as per schedule, it will have to face penalty.
Managing director of Midland Power Rezaul Hayat, Green Power managing director Sheikh Ehsanul Habib and officials of the CRRC also spoke on the occasion.
Officials said Eastern Bank and IDCOL have been financing the project.