The government is likely to seek over Tk 39.16 billion Export Credit Agency (ECA) loans from two multinational banks for setting up two gas-fired power plats to generate 675MW of electricity by early 2015.

The Power Division Sunday placed a proposal to the hard-term loan committee seeking government approval to mobilise the said amount to implement the 450MW Asuganj (south) combined-cycle power project and another 225MW Asuganj combined-cycle power project.

Two projects will be implemented by Asuganj Power Station Company Limited (APSCL) in 2015, APSCL Managing Director Md Nurul Alam told daily sun.

The APSCL will seek over Tk 25.18 billion loans from HSBC with an interest rate of 4.67 percent (all in cost) for implementing Asuganj project, he said.

It will also mobilise over Tk 13.97 billion from the Standard Chartered Bank (SCB) at interest rate of 4.22 percent (all in cost) to set up Asuganj combine cycle power plant to generate 225MW of electricity, he added.

The Power Division now waits for mobilising fund for the two power projects, another official of Power Division said. “We will open Letter of Credit (LC’s) for imports of machinery within 15 days after signing the loan contracts,” he said.

In October, 2012, the APSCL, an enterprise of BPDB signed an agreement with Korean companies Hyundai Engineering Company Limited and Daewoo International Corporation to install the plant under ECA backed financing. The plant will be installed within 25 months.

In May, 2012, APSCL signed an agreement with a joint-venture formed by Inelectra International AB of Sweden and TSK Electronica Y Electricidad SA of Spain, to install the 450MW combined-cycle power plant run by natural gas at Ashuganj power station premises.

Under the contract, the Swedish and Spanish joint venture company would install the power plant in 27 months.

Ashuganj Power Company at present operates nine power plants with generation capacity of 777MW and de-rated capacity of 650MW of electricity.

News: The Daily Sun/Bangladesh/22-Nov-12