Bangladesh signed a deal with US-based General Electric (GE) company on Wednesday to build a 3600MW LNG-based power plant at Moheskhali in Cox’s Bazar.
Besides, Summit Group signed a deal with GE and Mitsubishi to install a 2400MW power plant at Matarbari in Cox’s Bazar.The memorandums of understanding were inked at separate ceremonies in Dhaka to install the two mega power projects in public and private sectors with investment of $7.4 billion.
Summit, Mitsubishi and GE announced a $3 billion investment – the largest private foreign direct investment (FDI) in Bangladesh.
Summit will be the majority owner of the project while Mitsubishi and GE will own the remaining.
Summit will install 2400MW LNG-based power project at Matarbari in Cox’s Bazar.
Besides, Bangladesh Power Development Board (BPDB) will install a LNG-fired power plant with a combined capacity of 3600MW.
Prime Minister’s power and energy adviser Dr Tawfiq-e-Elahi Chowdhury, state minister for power and energy Nasrul Hamid, power secretary Ahmad Kaikaus, GE president and CEO Russell Stokes, US Ambassador Marcia S Bloom Bernicat, BPDB chairman Khaled Mahmood, Summit Group chairman Muhammed Aziz Khan and senior officials were present at the signing ceremonies.Tawfiq-e-Elahi said Bangladesh will need efficient and affordable electricity. So, the US company will set up industries that will be run by co-generation in Moheskhai and Matarbari.
It will help to use 80-90 percent heat of the power plant, he pointed out. He requested GE to set up a manufacturing workshop here.
The adviser also proposed GE for initiating US Co EXXIM Mobile to invest depleting gas fields for exploring natural gas here.
Nasrul Hamid said the signing is one of the largest investments in private sector in the last 45 years of Bangladesh’s history.
He called upon the US company to invest in power generation and transmission here.
Aziz Khan said: “In support of the Government’s Vision 2021 and 2030, Summit is partnering with GE and Mitsubishi to bring in the largest private FDI to Bangladesh, best technology at world’s lowest tariff to meet increasing demand of people and businesses for energy and power.”
Russell Stokes said, “GE Power is navigating customers through an energy transformation with a complete portfolio of fuel choices and innovative technology.”
“In partnership with Summit Power, our HA technology enables unprecedented levels of efficiency to strengthen Bangladesh’s power generation.”
He also said the GE will install an assembling plant here subject to a growing demand for GE products here. The 2400MW project is designed to be completed at a global best tariff by 2023 beginning from 2019.
With implementation of this project in 2023, Summit will be doubling its generation capacity.
Besides, the BPDB is the leading partner with 51 percent equity while the GE will be 30 percent and rest of 19 percent for a strategic investor for implementing the Moheskhali power plant.