Nebras Power Investment Management (NPIM), a wholly owned subsidiary of Nebras Power, has completed the purchase of a 24% stake in Bangladesh-based Unique Meghnaghat Power.
NPIM has purchased the stake from Unique Hotel and Resorts (UHRL) and Strategic Finance (SFL). UHRL, SFL, and General Electric (GE) will jointly hold 76% in the project.
While the financial details of the deal have not been disclosed, it has the full endorsement of Nebras’ senior management, the board of directors, UHRL, SFL, and GE.
"The acquisition of an equity stake in Unique Meghnaghat Power and the establishment of partnerships with renowned players UHRL and SFL will not only help us meet a growing demand for energy, but it will further operate as a strategic foundation for Nebras’ entry into the Bangladeshi power sector,” said Mohamed Nasser al-Hajri, chairman of Nebras Power.
Nebras CEO Khalid Mohammed Jolo said it "considers Bangladesh a robust growth market for future investments in clean energy sources."
Unique Meghnaghat is constructing a 584MW combined cycle power plant at Meghnaghat, Sonargaon, in Narayanganj district, about 27km east of Dhaka. At its core, the power plant will be powered by GE’s state-of-the-art 9HA.01 gas turbine, one of the most efficient gas turbines in the world.
The plant will be one of the largest Independent Power Producer projects in Bangladesh upon completion and will supply electricity to the Bangladesh Power Development Board for 22 years.
“This latest acquisition, and partnership, exemplifies our continuing ambitions of being one of the leading global power investment companies and to diversify our asset base. In accordance with this mandate, Nebras will continue to focus on greenfield and brownfield developments that deliver reliable power, while concurrently generating healthy financial returns,” Nebras’ chief business development officer Faisal al-Siddiqi said.
Nebras Power, a joint venture of Qatar Electricity and Water Company (60%) and Qatar Holding (40%), is a strategic investor in the power and water sectors.
While the financial details of the deal have not been disclosed, it has the full endorsement of Nebras’ senior management, the board of directors, UHRL, SFL, and GE.
"The acquisition of an equity stake in Unique Meghnaghat Power and the establishment of partnerships with renowned players UHRL and SFL will not only help us meet a growing demand for energy, but it will further operate as a strategic foundation for Nebras’ entry into the Bangladeshi power sector,” said Mohamed Nasser al-Hajri, chairman of Nebras Power.
Nebras CEO Khalid Mohammed Jolo said it "considers Bangladesh a robust growth market for future investments in clean energy sources."
Unique Meghnaghat is constructing a 584MW combined cycle power plant at Meghnaghat, Sonargaon, in Narayanganj district, about 27km east of Dhaka. At its core, the power plant will be powered by GE’s state-of-the-art 9HA.01 gas turbine, one of the most efficient gas turbines in the world.
The plant will be one of the largest Independent Power Producer projects in Bangladesh upon completion and will supply electricity to the Bangladesh Power Development Board for 22 years.
“This latest acquisition, and partnership, exemplifies our continuing ambitions of being one of the leading global power investment companies and to diversify our asset base. In accordance with this mandate, Nebras will continue to focus on greenfield and brownfield developments that deliver reliable power, while concurrently generating healthy financial returns,” Nebras’ chief business development officer Faisal al-Siddiqi said.
Nebras Power, a joint venture of Qatar Electricity and Water Company (60%) and Qatar Holding (40%), is a strategic investor in the power and water sectors.