American conglomerate General Electric Company (GE) inked a MoU with the state-run Bangladesh Power Development Board (BPDB) for implementing project worth $4.4 billion, including a 3,600-MW LNG to gasbased power plant, an associated LNG import terminal, and necessary infrastructure under a joint venture (JV).
BPDB will be the lead partner having 51 per cent equity, while GE will have 30 per cent equity.
The remaining 19 per cent equity will be provided by another strategic investor for implementing the 3,600-MW power plant and associated facilities.
Prime Minister’s Energy Adviser Dr Tawfiq-e-Elahi Chowdhury was the chief guest at the MoU signing ceremony, held at Bidyut Bhaban in Dhaka on Wednesday.
Khaled Mahmood, chairman of the BPDB, and Russel Stokes, GE power signed the MoU on behalf of the respective parties.
US Ambassador to Bangladesh Marcia Stephens Bloom Bernicat and Power Division Secretary Ahmad Kaikaus were the special guests at the functions.
Speaking on the occasion, the PM’s adviser lauded GE for being associated with the Bangladeshi companies to implement the power and energy projects.
He urged the US company to establish a turbine manufacturing plant in the country, and help Bangladesh with innovative technologies to ensure sustainable energy at affordable cost.
He also requested GE to consider establishing coal-fired power plants in Bangladesh to ensure diversification of energy and proper fuel-mix.
BPDB and GE decided to form a joint venture company to implement the project.
The joint venture will carry out a feasibility study, develop 5,600 acres of land, construct and operate the power plant, and construct an LNG import terminal and infrastructure. The plant will have three units of 1,200 MW.
The estimated project cost includes $1.6 billion for land development and $2.8 billion for the power plant. The expected completion time is 36 months.