Standard Chartered Bank Bangladesh has won Power Deal of the Year at Asset Triple A Asia Infrastructure Awards 2017 for its role in financing the Northwest Power 225MW Unit 3 CCPP project.
Standard Chartered played the role of the lead arranger, ECA/MIGA coordinator, Account Bank and Security Agent for the transaction. The transaction was closed in the shortest time for any multi export credit agency (ECA) financed power project in Bangladesh. Unit 3 comes less than a year after the successful closure of North-West Power’s Sirajganj 225MW Unit 2 CCPP project.
The awards were handed over to Naser Ezaz Bijoy, Managing Director and Country Head of Global Banking, Standard Chartered Bangladesh at a grand gala event held in Hong Kong recently. Commenting on the win, he said, “Today, financing mobilized by Standard Chartered supports over 23% per cent of the total installed power capacity in the country. Standard Chartered has a 112-year legacy of being a proud partner in progress to Bangladesh, and it has been our privilege to be able to support Bangladesh’s power sector, a vital engine for our nation’s growth.”
Standard Chartered Bangladesh is the largest arranger of international financing for the Bangladesh power sector and remains the key international lender with an established track record in structuring and arranging financing for independent power producers (IPPs). Standard Chartered is also the largest project finance bank in Bangladesh, having led and arranged the first ECA backed power project financing (developed by an SOE) in Bangladesh in 2012 and first IPP power project financing post the new thrust to power projects by Bangladesh Power Development Board since 2008.