Qatar’s Nebras Power Investment Management (NPIM), a wholly-owned subsidiary of Nebras Power has completed the purchase of a 24 percent stake in Bangladesh-based Unique Meghnaghat Power Limited (UMPL).
NPIM has purchased the stake from Bangladesh-based Unique Hotel & Resorts Limited (UHRL) and Strategic Finance Limited (SFL). UHRL, SFL, and the American multinational conglomerate General Electric will jointly hold the rest of 76 percent in the project.
Even though the financial details of the deal have not been made public, it deal reportedly has the full endorsement of Nebras’s senior management, the board of directors, UHRL, SFL, and GE.
Commenting on the deal, Mr. Mohammed Nasser Al Hajri, Chairman of Nebras Power stated that “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.”
Sharing a similar sentiment on the matter, Nebras CEO, Mr. Khalid Mohammed Jolo noted the critical 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,” Mr. Jolo added.
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.
Meanwhile, Nebras’s Chief Business Development Officer, Mr. Faisal Al-Siddiqi remarked that “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,”
Once completed, Meghnaghat Power Limited (UMPL) will be one of the largest Independent Power Producer (IPP) projects in Bangladesh and it will supply electricity to the Bangladesh Power Development Board for 22 years.