Water desalination and power generation company, ACWA Power, has announced signing a Memorandum of Understanding with the Bangladesh Power
Development Board (BPDB) for an LNG-based power plant and terminal in Bangladesh.
As part of the agreement, ACWA Power will target the development of 3,600MW gas fired independent power plants, representing a total investment amount of approximately $2.5bn, that will help meet the country’s growing power demand.
The project will consist of the intended power plants as well as a regasification terminal on-ground with an expected additional investment of approximately $500m. The plant will potentially be located in Maheshkhali, or an alternate location, upon completion of the feasibility study.
This is one of the largest deals for Bangladesh’s power sector.
“As we continue to expand our global operations, we are proud to embark on this ambitious project with the Bangladesh government. We have a long legacy of working collaboratively with leadership in growing economies to sustainably supply their power and water needs at low cost in order to accelerate their socio-economic and financial development. In line with the Bangladesh Vision 2021 and Vision 2041, we will be contributing to the energy security of the country and ensuring the foundations of its success for generations to come,” said Paddy Padmanathan, chief executive officer of ACWA Power.
Bangladesh’s power sector is one of the fastest growing in South Asia, with a current installed capacity of around 24,000 megawatt (MW) electricity from 3,200MW in 2009.
