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Reliance Power-JERA Co JV Achieves Financial Closure For 745 Mw Bangladesh Unit

Reliance Bangladesh LNG & Power Ltd is a 51:49 per cent joint venture between Reliance Power and JERA Co. Inc, which is implementing a 745 MW (net output: 718 MW) natural gas combined-cycle power project at Meghnaghat, near Dhaka.

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Reliance Power on Thursday said that its joint venture firm Reliance Bangladesh LNG & Power Ltd has achieved financial closure for its 745 megawatts (mw) Bangladesh unit.

Reliance Bangladesh LNG & Power Ltd is a 51:49 per cent joint venture between Reliance Power and JERA Co. Inc, which is implementing a 745 MW (net output: 718 MW) natural gas combined-cycle power project at Meghnaghat, near Dhaka.

'The project company has achieved financial closure for the project with a group of lenders that includes Japan Bank for International Cooperation (JBIC) & Asian Development Bank (ADB) and all requisite conditions for availing drawdown under the loan agreements have been satisfied,' a company statement said.

Reliance Power's wholly owned subsidiary Samalkot Power Ltd has received the approval from the Export Import Bank of the United States (US Exim Bank) to sell one module of equipment to Samsung C&T Corporation of South Korea -- the EPC (engineering procurement and construction) contractor for the project -- for Rs 1,540 crore, it said.

Samalkot Power will supply one module of world-class equipment procured from internationally reputed original equipment manufacturers to the Phase 1 Project in Bangladesh, it added.

Reliance Power, a part of the Reliance Group, is India’s leading private sector power generation and coal resources company. It has one of the largest portfolios of power projects in the private sector in India, based on coal, gas and renewable energy, with an operating portfolio of 5,945 megawatts. 

(PTI)