Reliance Power today said it has has completed signing of agreements to execute first phase of its USD 1 billion (Rs 6,500 crore) power project in Bangladesh.
"Reliance Power today completed execution of project agreements for Phase – I of its project in Bangladesh," Reliance Power said in a statement.
The first phase of Reliance Power's integrated project consists of 750 MW combined cycle gas based power plant to be set up at Meghnaghat near Dhaka ("power project") and 500 mmscfd LNG Terminal at Kutudbia Island in Bangladesh ("LNG Terminal Project"), the statement.
The terminal use agreement for LNG Terminal Project was signed with with PetroBangla, a Bangladesh government entity. The project agreements for Power Project have already been executed with Bangladesh Power Development Board (BPDB).
It said the integrated project entails an investment outlay of over USD 1 billion, which represents the largest foreign direct investment (FDI) in Bangladesh and the largest investment in Bangladesh's energy sector.
Reliance Power will relocate one module of world-class equipment procured from internationally reputed original equipment manufacturers for its 2,250 MW combined cycle power project at Samalkot in Andhra Pradesh for the Phase-1 project in Bangladesh.
Reliance Power had signed an MoU on June 6, 2015 with the Bangladesh Power Development Board (BPDB) to set up 3,000 MW integrated combined cycle gas-based power project (in phases) and a 500 mmscfd LNG terminal, during the visit of Prime Minister Narendra Modi to Dhaka.
Reliance project will give a tremendous boost to the economic and industrial growth of Bangladesh and will enhance the energy security of the country with clean, green and reliable LNG based power.
Reliance Power, a part of the Reliance Group, is India's leading private sector power generation and coal resources company.
The company claimed that it has the largest portfolio of power projects in the private sector, based on coal, gas, hydro and renewable energy, with an operating capacity of 5,945 megawatts.
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