General Electric and Mitsubishi have set up a joint venture to take part to a 2,400 MW gas-fired power project in Bangladesh. Mitsubishi would take 25% in the project, while GE would hold 20% and the remaining 55% stake would be owned by Summit Power. The US$3bn project would include a 2,400 MW LNG-fired power plant consisting of four 600 MW units, along with a 380,000 m3 LNG storage capacity and 100,000 metric tons of oil storage capacity. Construction should start as early as 2019 and the project should be completed by 2023.
In addition, General Electric has signed another joint venture agreement with the state-run power utility Bangladesh Power Development Board (BPDB) for the construction of a 3,600 MW LNG-fired power project in Moheshkhali. BPDB will own 51% of the project, while GE will own 30% and the remaining 19% will be left for a future strategic investor. The US$2.8bn power project would include an associated LNG terminal. Its commissioning date remains to be specified.
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