The Bangladesh state-owned power company Coal Power Generation Company Bangladesh Ltd has agreed to build a 1,200 MW coal-fired power plant, the largest in the country. The 2x600 MW power plant will be located in the island in the Bay of Bengal, where the government plans to build an energy hub including an LNG terminal, a fuel oil floating terminal, several petrochemical factories and a port to unload up to 4 Mt/year of coal from Australia, Indonesia and South Africa for the power plant. The power plant construction is scheduled to start in March 2016, with operations set for August 2022. Two Japanese companies, Sumitomo Corp and Marubeni Corporation, have bid to participate in the construction project. The coal-fired power project is estimated to require US$4.6bn of investments, of which US$3.7bn will be borrowed from the Japan International Cooperation Agency (JICA) at an interest rate of 0.1%/year over 30 years. The remaining US$0.9bn will be financed by the government of Bangladesh. The country is facing daily blackouts that last up to five hours that severely hit the country's economic development.
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