ADB approves Reliance Power Project
The Asian Development Bank has approved debt financing and partial risk guarantees totalling $ 583 million for Reliance PowerBSE 0.00 %'s liquefied natural gas terminal and 750 mw-power project being set up in Bangladesh, the Anil Ambani led company said. Reliance Power has signed agreements with
Published -
Dec 6, 2017 5:31 AM
The Asian Development Bank has approved debt financing and partial risk guarantees totalling $ 583 million for Reliance PowerBSE 0.00 %'s liquefied natural gas terminal and 750 mw-power project being set up in Bangladesh, the Anil Ambani led company said. Reliance Power has signed agreements with Bangladesh Power Development Board (BPDP) to develop 3,000 mw of LNG power units at Meghnaghat near Dhaka and 500 mscfd LNG terminal at Qutubdia Island in Bangladesh. The first phase of 750 mw and the LNG terminal entails investment of $ 1 billion. Earlier this year, Reliance Power head Ambani had told shareholders of the company that the $ 1 billion- project will achieve financial closure in the current financial year and is expected to achieve commercial operation by March 2020. “Reliance Power has achieved a major and important milestone of approval of financing for its landmark Project in Bangladesh. ADB’s leadership in financing will help us to develop this clean and reliable LNG –based power project in Bangladesh,” said Venugopala Rao, CEO. The company is setting up this plant by relocating equipment procured for its planned power plant at Samalkot in Andhra Pradesh that was stranded due to lack of gas.
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