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RPower, JERA ink loan agreement with banks for Bangladesh's power plant

Reliance Power and JERA, through their project company, are developing a new 745 MW natural gas combined-cycle power project in Meghnaghat in Bangladesh

Topics
Reliance Power | Bangladesh | thermal power plants

Press Trust of India  |  New Delhi 

Reliance Power
Anil Ambani, Chairman of Reliance Power said this financing tie-up represents one of the largest funding tie-ups for a project in Bangladesh's power sector. (Photo: Reuters)

and Japanese energy major JERA have inked a pact with a group of banks for full financing, totalling $642 million (approx Rs 4,798 crore), for their new gas-fired thermal power generation project in

and JERA, through their project company, are developing a new 745 MW natural gas combined-cycle power project in Meghnaghat in

"The project company has now signed a loan agreement for full financing totaling $642 million with a group of banks that includes the for International Cooperation," said in a regulatory filing.

"The electricity generated will be sold under a long-term power purchase agreement with the Power Development Board (BPDB) for a period of 22 years from the start of commercial operation," Reliance Power said.

ALSO READ: Reliance Power posts consolidated profit before tax of Rs 82.23 crore

Anil Ambani, Chairman of Reliance Power said this financing tie-up represents one of the largest funding tie-ups for a project in Bangladesh's

Reliance Power said, with this loan agreement, all major contracts required for the development of the project have been completed.

"Going forward, Reliance Power and JERA will focus on full-scale construction and work steadily towards achieving commercial operation in 2022," the company added.

Shares of Reliance Power were trading 1.18 per cent lower at Rs 3.34 apiece on BSE.

First Published: Fri, July 31 2020. 13:23 IST
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