Saudi company to invest $2.5bn in power sector

18 October, 2019 12:00 AM printer

Saudi Arabia (KSA) based company, ACWA Power on Thursday signed a memorandum of understanding (MoU) for investing around US$2.5 billion in power and energy sector in Bangladesh, reports BSS.

Bangladesh Power Development Board (BPDB) and ACWA Power signed the MoU for ‘Development of Natural Gas/R-LNG Based Combined Cycle Power Plant in Bangladesh’ at a city hotel.

BPDP Chairman Engineer Khaled Mahmood and ACWA Power Chairman Mohammed Abunayyan inked the agreement on behalf of their respective sides.

Prime Minister’s Private Industry and Investment Adviser Salman Fazlur Rahman was present at the signing ceremony as the chief guest while State Minister for Power, Energy and Mineral Resources Nasrul Hamid and secretary of Power Division Dr Ahmed Kaikaus attended the function as special guests.

In his speech, Salman Fazlur Rahman said the government is providing special focus on power sector for achieving the goals of Vision-2021 and Vision-2041 as the sector is playing a vital role to develop the country.

Welcoming the ACWA Power in Bangladesh, he said, the power plant will be set up within the next 4-5 years and around $2 to $2.5 billion investment will come in the project. State Minister Nasrul thanked the ACWA Power for choosing Bangladesh to make investment.

He said Bangladesh is now producing around 24,000 megawatt (MW) electricity which was only 3,200 MW in 2009 when the “Many of the international companies are planning to invest in the country due to good governance and rule of law,” he added. The state minister said Bangladesh is looking for another $30 billion investment within the next couple of years. Mohammed Abunayyan said now Saudi Arabia and Bangladesh are enjoying the highest relationship and the investment environment in Bangladesh is very favourable for investors.

He said this is the beginning of ACWA Power’s investment as the company is coming in the country for a long time.

Among others, Executive Chairman of the Bangladesh Investment Development Authority (BIDA) Md Sirazul Islam, Bangladesh Ambassador in Riyadh Golam Moshi and Economic Counsellor of the Embassy of Bangladesh in Riyadh Mohammad Abul Hasan were present on the occasion.