|Reliance Power Ltd. recently executed agreements with Bangladesh Power Development Board for the first phase development of a 750-MW LNG power project at Meghnaghat near Dhaka in Bangladesh.|
The project development will require an investment outlay of nearly $1 billion. Financing of the project is under consideration of Asian Development Bank and a consortium of lenders, said the Anil Ambani Group company in a statement.
The agreements between the entities include Power Purchase Agreement (PPA) and Implementation Agreement (IA) for the proposed integrated combined cycle power project.
The company has also signed a MoU with PetroBangla for setting up a 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 the huge demand for power and other industries and replace costly and highly polluting fuels, the statement said.
Reliance Power said equipment procured from internationally reputed original equipment manufacturers previously for its 2,250 MW combined cycle power project at Samalkot in Andhra Pradesh will be relocated to Bangladesh.