Nebras Power Investment Management (NPIM), a wholly-owned subsidiary of Nebras Power, announced that it has completed the purchase of a 24 percent stake in Bangladesh-based Unique Meghnaghat Power Limited.
NPIM has purchased the stake from Unique Hotel and Resorts Limited (UHRL) and Strategic Finance Limited (SFL). UHRL, SFL, and General Electric will jointly hold 76 percent in the project.
While the financial details of the deal have not been disclosed, it has the full endorsement of Nebras’s senior management, the board of directors, UHRL, SFL, and GE.
Commenting on the completion of the deal, Nebras Power Chairman Mohammed Nasser Al Hajri said, “The acquisition of an equity stake in Unique Meghnaghat Power Limited and the establishment of partnerships with renowned players UHRL and SFL will not only help us meet a growing demand for energy, but it will further operate as a strategic foundation for Nebras’s entry into the Bangladeshi power sector.”
Nebras CEO Khalid Mohammed Jolo echoed this sentiment noting the seminal nature of the acquisition in expanding Nebras’s geographic footprint. “We are excited to have our first project in Bangladesh, which is one of Asia’s fastest-growing economies. Nebras considers Bangladesh a robust growth market for future investments in clean energy sources,” Jolo said.
Unique Meghnaghat is constructing a 584 MW combined cycle power plant at Meghnaghat, Sonargaon, in the Narayanganj district, approximately 27 km east of Dhaka.
At its core, the power plant will be powered by GE’s state-of-the-art 9HA.01 gas turbine, one of the most efficient gas turbines in the world.
The plant will be one of the largest Independent Power Producer (IPP) projects in Bangladesh upon completion and will be supplying electricity to the Bangladesh Power Development Board for 22 years.
“This latest acquisition, and partnership, exemplifies our continuing ambitions of being one of the leading global power investment companies and to diversify our asset base. In accordance with this mandate, Nebras will continue to focus on greenfield and brownfield developments that deliver reliable power while concurrently generating healthy financial returns,” Nebras’s Chief Business Development Officer Faisal Al Siddiqi said.