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The Asian Development Bank’s (ADB) Board has approved debt financing and partial risk guarantees for $583 million to develop Reliance Power’s Liquified Natural Gas (LNG) Terminal and 750 MW power project in Bangladesh.
A Reliance Power statement said, “ADB’s financing package includes loans and partial risk guarantees for the power generation facility, as well as for the LNG terminal. The total project cost is approximately $1 billion.”
The project, which includes a power generation facility to be located in Meghnaghat, near Dhaka, and an LNG Terminal, near Kutubdia Island south of Chittagong, will increase power generation and improve energy infrastructure in Bangladesh, the statement added.
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. Reliance Power plans to increase its power generation capacity to around 3000 MW in Bangladesh.
Energy from the power plant will be sold in the country’s electricity grid under a long-term power purchase agreement with the Bangladesh Power Development Board.
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