Reliance Power aims financial closure for $1 billion Bangladesh unit
Reliance Power aims to achieve financial closure for its $1 billion LNG-fired power plant in Bangladesh by the end of 2017-18, Chairman Anil Ambani told shareholders.
Reliance Power has signed agreements with Bangladesh Power Development Board (BPDP) to develop 3,000 mw of LNG power units at Meghnaghat near Dhaka and 500 mscfd LNG terminal at Qutubdia Island in Bangladesh. The first phase of 750 mw and the LNG terminal entails investment of $ 1 billion.
“Reliance Power’s 750 mw LNG based power project in Bangladesh being implemented with an investment outlay of $ 1 Billion is expected to achieve financial closure in the current financial year itself. The phase 1 of the project is expected to achieve commercial operation by March 2020,” Ambani told shareholders at the 23rd Annual General Meeting of the company.