Lakdhanavi Bangla Power Ltd signs PPA to set up 52.2 MW Power Plant in Bangladesh.
Lakdhanavi Bangla Power Limited (LBPL), a subsidiary of LTL Holdings (Pvt) Ltd Sri Lanka ,has signed Power Purchase Agreement (PPA), Land Lease Agreement (LLA) and Implementation Agreement with Bangladesh Power Development Board (BPDB) and the Ministry of Power, Energy, and Mineral Resources (MPEMR) of Bangladesh recently to set up 52.2 MW dual fuel(HFO and Gas) power plant in Jangalia, Comilla, Bangladesh for the supply of power to their national grid for a period of 15 years. Bangladesh Prime Minister’s Energy Advisor Dr. Tawfiq-e-Elahi Chowdhury, Bangladesh Power Secretary Mr. Monwar Islam, Sri Lankan High Commissioner in Bangladesh, H. E. Sarath K. Waragoda, Mr. Ravindra Kumar Pitigalage, Managing Director of LBPL and top officials of BPDB and MPEMR were present at the signing ceremony which was held at Buduyt Bhaban, Dhaka , Bangladesh.
This is the second such power plant investment of LTL Group in Bangladesh. The first power plant with the identical capacity of 52.2 MW now nearing completion at Natore ,Bangladesh is expected to commence commercial operations in December 2013.
The total estimated investment for these two projects of LTL Group amounts to USD 100 million approximately. The equity components of these projects are funded by Lakdhanvi Ltd, and Lanka Energy International (Pvt) Ltd, Sri Lanka and the debt components will be funded by the financial institutions in Bangladesh and Sri Lanka. These two projects are implemented under BOI status of the Board of Investment (BOI), Bangladesh and considered as friendship projects of the two countries which closely linked with SAARC and Commonwealth Charters.
Addressing the signing ceremony at Buduyt Bhaban, Bangladesh, Prime Minister’s Energy Adviser Dr Tawfiq-e-Elahi Chowdhury said theBangladesh government has been successful in boosting power generation to more than 7000 MW because of Prime Minister Sheikh Hasina’s firm decision on the development of power sector as it is vital for economic well being of the people of Bangladesh.
Welcoming foreign investment in power sector , Dr. Chowdhury said government needs huge sum of money to implement power projects in proper manner and Bangladesh has a lot to learn from the Island nation as it got huge success in education and other sectors.
LTL Group has taken these steps as a part of its international diversification strategy to become a regionally specialized engineering conglomerate and hopeful that the Group could become a major player in the power sector in Bangladesh within a few years.
- Global Experience