State-owned enterprises in Bangladesh Northwest Electric Power Company (North-West Power Generation Company) on Sunday with the German company Siemens signed a memorandum of understanding to build near the port of Payra an installed capacity of 3600 MW LNG power plant, which is currently the largest in Bangladesh Power station.
According to reports, the LNG power plant project will be built in three phases, the first phase of the proposed 1200 MW power generation facility commissioned in June 2020, the second phase of the same scale power generation facilities scheduled to put into operation in December 2020, the final proposed 1200 MW Put into operation in December 2021.
The project has a total investment of about 2.8 billion U.S. dollars, including 2.4 billion U.S. dollars from loans and the remaining 400 million U.S. dollars from equity. Northwest Power Company and Siemens will set up an independent joint venture to implement this project.
At the signing ceremony, Bangladesh's Minister of Power and Energy Nasrul Hamid said that this project is Europe's largest investment project in Bangladesh. PDB is planning to sign another Siemens cooperation agreement on power projects with the same scale.
Nasrul Hamid said that in recent years, large companies from many countries have expressed strong interest in investing in power projects in Bangladesh, such as China, Singapore and Malaysia. This also shows the confidence of foreign countries in the current government's national development plan.