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GCM and POWERCHINA inks $4bn power deal

GCM Resources plc and Chinese state owned enterprise POWERCHINA  signed a joint venture agreement and EPC contract for the proposed development of 2,000MW of mine mouth coal fired power plants with an approximate investment of $4bn in Dinajpur District, North-West Bangladesh.

The agreement and contract were signed in a ceremony organised at the Radisson Blu Water Garden Hotel Dhaka, said a press release.

The documents were signed by Md Badruzzaman and Md. Firoz Zaman on behalf of GCM and Xiong Li Xin and Pan Deng Yu on behalf of POWERCHINA.

Executive Chairman of GCM Datuk Michael Tang PJN, Managing Director of DIPON Group Engr. Rashed Mahmud, Managing Director of Mutual Trust Bank Anis Khan, Chairman, PowerChina International Ding Zheng Guo, Chairman of Chinese Chamber of Commerce Bangladesh Lin Wei Qiang and Vice President of  PowerChina Eurasia Xu Jiang Long were witnesses.

The proposed project, which is part of a broader strategy by GCM to generate 6,000MW of low cost electricity for the Bangladesh market utilising domestic coal, providing an estimated US$12.5 billion in foreign direct investment, at no capital cost to the government and is in line with the government’s energy development master plan and election manifesto of current party in power, being to pursue the logical use of the country’s coal resources.

The power plant utilising ultra supercritical technology with its high-energy efficiency enables maximum power to be generated from the coal, provides lower levels of emissions and delivers the lowest cost of power.

The project would deliver a sustainable power solution for the development and progress of Bangladesh and would have a substantial multiplier effect on the country’s economic and social advancement. This includes thousands of new jobs, new industries, more business and direct positive impact on the development of Rangpur Division.

The proposal is for the power plants to be powered by coal from a proposed adjoining open pit mine where the power plants will be located. 

Technical studies for both the power plants and mine have been completed and are favorable. 

Mine mouth power in the coal rich but industrially underdeveloped northern Bangladesh can bring significant regional and national benefits. It can potentially provide the cheapest electricity in the country avoiding the need for long haul transportation and handling of coal as required by other planned coal power plants in Bangladesh which are mostly relying on imported coal. 

Datuk Michael Tang PJN, Executive Chairman of GCM, said “The JV agreement and EPC contract are key milestones for the development of the 2nd proposed 2,000MW power plant project at the mine site and aligns with GCM’s strategy to present a holistic power solution to the government of Bangladesh which can generate 6,000MW at the lowest cost for the country.  The Phulbari Coal and power project will deliver a significant multiplier effect on the nation’s advancement.”   

Ding Zheng Guo, Chairman of PowerChina International Group Limited, stated: “POWERCHINA is delighted to be a partner with GCM to deliver an integrated mine and power plant for the people of Bangladesh. Completing the JV agreement and EPC Contract were very important steps in progressing the combined project. As the power plant contractor, we are committed to a positive relationship with the community and to construct an environmentally friendly power plant for the benefit of the local people.

GCM had earlier on signed a joint development agreement for a separate 2,000MW of coal fired power plants in the same area with another China State Owned Enterprise.

 

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