Mumbai Dec 5 (IANS) Reliance Power (R-Power) said on Tuesday the Asian Development Bank (ADB) has approved debt financing and partial risk guarantees totalling $583 million to develop its LNG terminal and a 750-MW power project in Bangladesh.
"The ADB s financing package includes loans and partial risk guarantees for the power generation facility as well as for its Liquified Natural Gas (LNG) terminal. The total project cost is approximately $1 billion " a company statement said.
According to the company the project which includes a power generation facility to be located in Meghnaghat near capital Dhaka and a LNG terminal near Kutubdia Island south of Chittagong will significantly increase power generation and boost the energy infrastructure in Bangladesh.
"ADB s support will help Reliance Power to develop an initial approximately 750 megawatts (MW) of gross power generation capacity and terminal facilities for LNG import " the statement said.
"Reliance Power plans to increase its power generation capacity to around 3 000 MW in Bangladesh. Energy from the power plant will be sold to the country s electricity grid under a long-term power purchase agreement with Bangladesh Power Development Board."
--IANS
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