Singapore-based energy group Sembcorp has secured financing for its 414 MW Sirajganj CCGT power plant project worth US$412m in the Sirajganj district in Bangladesh. The IFC (World Bank group), Singapore infrastructure project financing firm Clifford Capital and CDC Group, the UK government’s development finance institution, will each lend US$103m for the project, covering 3/4 of the investment costs.
The CCGT project was awarded in 2015 to a joint venture of Sembcorp (71%) and North-West Power Generation Company, a subsidiary of the national power utility Bangladesh Power Development Board (BPDB) (29%). The project will be fuelled with gas, with diesel as a back-up fuel. With the signing of financing agreements and targeted loan drawdown in January 2017, the construction work has already started. Expected to be commissioned in 2018, the US$390m power plant will supply power to the grid under a 22.5-year power purchase agreement with the BPDB.
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