Sembcorp Industries (Sembcorp) is pleased to announce that it’ll be creating a 426-megawatt power herb in the Sirajganj region of Bangladesh under a public-private relationship, establishing the Group’s first foothold in this fast growing emerging market. This build-own-operate project was awarded to Sembcorp’s wholly-owned subsidiary, Sembcorp Utilities, by the nationwide federal government of Bangladesh. 390 million, the combined cycle power plant will be fuelled primarily by natural gas, with high speed diesel as backup fuel.
Expected to be completed in 2018, the seed will supply power to the grid under a 22.5-12 months power purchase agreement with the Bangladesh Power Development Board. Tang Kin Fei, Group President & CEO of Sembcorp, said, “We are pleased to secure this project as it offers us with a platform to develop our power business in Bangladesh.
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With Sembcorp’s background in developing greenfield projects in emerging marketplaces, we are self-confident of delivering this task successfully and look forward to working closely with our partner, North-West Power Generation Company. Bangladesh is among the fastest growing economies in the global world with a growing power market. The country’s real gross domestic product is forecast to grow more than 6% annually over another 15 years, supported by steady growth in private consumption . More power plants are needed to focus on the increasing power needs from economic expansion, as present generation capacity struggles to meet the prevailing weight demand of the country. The government also plans to include about 10 gigawatts of capacity over the next decade.
With this growing energy landscaping in Bangladesh, the nationwide country presents immense opportunities for Sembcorp. “This is the first public-private partnership project with a foreign investor in the power sector in Bangladesh, and we are happy to be partnering Sembcorp in this landmark project. Sembcorp brings with it proven features in developing, working and owning energy facilities internationally.
We think that together we can help meet up with the growing demand of electricity in Bangladesh,” said A.M. Khurshedul Alam, Managing Director of North-West Power Generation Company. 547 million) is likely to be funded through a variety of limited recourse task financing and collateral. Lenders for this project shall include multilateral organizations and commercial banking institutions. 95 million) and will be financed by internal funds and borrowings.
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