A consortium of three local and foreign companies signed deals with the government entities on July 24 to implement the country`s biggest 584 megawatt (MW) combined cycle power plant at Meghnaghat of Narayanganj.
The consortium, named Unique Meghnaghat Power Ltd (UMPL), will build the power plant within 36 months.
The plant will run either on locally produced natural gas or by re-gasified liquefied natural gas (RLNG) to generate electricity.
The UMPL, the consortium of Unique Hotel & Resorts Ltd., Strategic Finance Ltd. and US company GE Capital Global Energy Investment BV, inked the deals at a function at Bidyut Bhaban in the city.
Some US$ 520 million will be required to implement the power plant project, which is expected to provide electricity by July 2022.
Unique Hotel and Resorts Ltd has 64.98 per cent stake in the power plant project, while the GE has 30 per cent and Strategic Finance has 4.95 per cent stakes.
State-run Bangladesh Power Development Board (BPDB) will purchase electricity from the power plant at a levelised tariff rate-around US cents 3.69 per unit (1 kilowatt-hour) or Tk 2.95 per unit, if it is run by locally produced gas.
The tariff would be US cents 6.80 per unit (1 kilowatt-hour) or Tk 5.44 per unit, if it is run by RLNG.
State Minister for the Ministry of Power, Energy and Mineral Resources (MPEMR) Nasrul Hamid was the chief guest at the function, while US Ambassador to Bangladesh Earl R Miller, Principal Coordinator of SDG affairs at the Prime Minister`s Office Abul Kalam Azad, Power Secretary Ahmad Kaikaus, and Petrobangla Chairman Ruhul Amin were the special guests.
National Board of Revenue (NBR) Chairman Md Mosharraf Hossain Bhuiyan also spoke. The event was chaired by the BPDB Chairman Khaled Mahmood. UMPL Chairman Mohammad Noor Ali was also present.