• Natural Gas News

    Qatar's Nebras buys stake in Bangladesh CCGT

Summary

The project will be one of the largest independent power producers in Bangladesh upon completion in late 2022, Nebras said.

by: Shardul Sharma

Posted in:

Complimentary, Natural Gas & LNG News, Asia/Oceania, Middle East, Corporate, Investments, Infrastructure, News By Country, Bangladesh, Qatar

Qatar's Nebras buys stake in Bangladesh CCGT

Qatar's Nebras Power has acquired a 24% equity stake in Unique Meghnaghat Power (UMPL) in Bangladesh, it said on April 19. 

Nebras Power Investment Management, a unit of Nebras Power, signed a sale and purchase agreement with Unique Hotel and Resorts (UHRL), a sister company of Unique Group, and Strategic Finance (SFL) to acquire the stake. This is Nebras’ first acquisition in Bangladesh.  

UMPL is constructing a 584 MW gas-based combined cycle power plant at Meghnaghat, Sonargaon, in Narayanganj district, approximately 27 km east of Dhaka. The project will be one of the largest independent power producer projects in Bangladesh upon completion in late 2022, Nebras said. 

Post the deal, UHRL and SFL will jointly control a 56% equity share in UMPL, while the remaining equity will be controlled by UHRL, SFL and GE. 

Prior to the sale, 62.76% in UMPL was owned by UHRL, 20% by GE and 17.26% by SFL. UMPL has a long-term power purchase agreement with Bangladesh Power Development Board and a gas supply agreement with Titas Gas Transmission and Distribution Co. It also has an agreement with Power Grid Company of Bangladesh and the government of Bangladesh.