Reliance power forms JV with Japan’s JERA to develop 750 mw gas based power project at in Bangladesh
Mumbai : Anil Ambani controlled Reliance Power on Tuesday announced that it has signed a partnership agreement with JERA, one of the largest power utilities of Japan, for jointly setting up 750 MW gas based combined cycle power project (Phase—1) at Meghnaghat, Bangladesh. Reliance Power will hold 51% stake while JERA will hold 49% stake in the joint venture company. The project agreements for Phase—1 were signed With the authorities in Bangladesh on Sunday.
“This joint venture 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. We are excited to be part of the growth story of Bangladesh in partnership with JERA” : Anil D. Ambani, Chairman, Reliance Group of Companies.
Reliance Power had signed an MoU at Dhaka in June 2015, for setting up 3,000 MW gas based combined cycle power project in phases in The Project Agreements include the Power Purchase Agreement and Land Lease Agreement with BPDB for the power project, Gas Supply Agreement with Titas Gas, a subsidiary of Petrobangla for the supply of gas to the power project and Implementation Agreement with Ministry of Power, Energy and Mineral Resources. The project will be set up within 36 months of signing the agreements.
The project will represent the largest Foreign Direct Investment (FDI) in the power sector in Bangladesh, and shall cater to the country’s rising needs for power, contributing to Bangladesh’s goal of energy security.