You are here: Home » News-IANS » Business-Economy
Business Standard

ADB approves debt financing of R-Power's Bangladesh projects (Lead, correcting headline)

IANS  |  Mumbai 

Power (R-Power) said on Tuesday the Asian Development (ADB) has approved debt financing and partial risk guarantees totalling $583 million to develop its LNG terminal and a 750-MW power project in

"The ADB's financing package includes loans and partial risk guarantees for the power generation facility, as well as for its Liquified Natural Gas (LNG) terminal. The total project cost is approximately $1 billion," a company statement said.

According to the company, the project which includes a power generation facility to be located in Meghnaghat, near capital Dhaka, and a LNG terminal near Kutubdia Island south of Chittagong will significantly increase power generation and boost the energy infrastructure in

"ADB's support will help Power to develop an initial approximately 750 megawatts (MW) of gross power generation capacity and terminal facilities for LNG import," the statement said.

"Power plans to increase its power generation capacity to around 3,000 MW in Energy from the power plant will be sold to the country's electricity grid under a long-term power purchase agreement with Power Development Board."

--IANS

rv/in/vm

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, December 05 2017. 13:08 IST
RECOMMENDED FOR YOU
RECOMMENDED FOR YOU