Adani restores power supply to Bangladesh as regular payments resume

Billionaire Gautam Adani’s power generation unit Adani Power Ltd has restored full electricity supply to Bangladesh as the country starts making regular payments, according to Bloomberg.

 

“We’re making regular payments to Adani and receiving power as per our requirements,” said Rezaul Karim, chairman of the Bangladesh Power Development Board (BPDB), on Thursday, the Bloomberg report said.

 

He did not reveal the amount paid or specify whether earlier dues had been cleared.

 

Adani Power Ltd had halved electricity supply to Bangladesh from its 1,600 megawatt coal-fired plant in Jharkhand in November following a series of missed payments by Dhaka, which was grappling with a foreign exchange crisis and political transition. The company restored it after four month, about two weeks ago, according to BPDB data, the report said.

 

The full restoration of supply is expected to ease pressure on the national grid and help prevent blackouts during the peak summer months, when temperatures frequently rise above 38 degrees Celsius.

 

According to the report, dues that once exceeded $850 million have now come down to $800 million and are expected to be cleared within the next six months. The BPDB has also provided guarantees to Adani’s lenders to ease the company’s working capital constraints, sources said, requesting anonymity as the information is not public.