20-04-2021
Nebras Energy Investment Management, a Dutch company wholly owned by Nebras Power, has signed an acquisition agreement with Unique Hotel and Resorts Limited (UHRL), a sister company of Unique Group, and Strategic Finance Ltd. (SFL), to acquire a 24% stake in Unique Meghnaghat Power Limited (UMPL) in Bangladesh.
This acquisition marks the first deal that Nebras Power has signed in Bangladesh and is of great interest to both sides.
Commenting on the acquisition, His Excellency Mohammed bin Nasser Al Hajri, Chairman of Nebras Power, said: “The acquisition of a stake in Unique Meghnaghat Power Ltd. constitutes a mechanism for Nebras to enter the energy market in Bangladesh, which we consider a major new growth market. In this regard, this acquisition confirms our vision of the continuous pursuit of viable opportunities that expand and enrich our investment portfolio of energy assets.”
On his part, Mr. Khaled Mohamed Jolo, CEO of Nebras Power, commented, “The purchase of a stake in Unique Meghnaghat Power Ltd. enhances and drives our commercial operations in the Asian continent. Moreover, through this deal, Nebras Power will participate in providing Bangladesh with the electrical energy it needs, and the company is also working to expand its investment in the global energy market by continuing to explore more opportunities in Asia. "
The acquisition strengthens Nebras Power's asset base through projects contracted to sell its entire production. Under this agreement, Nebras Power will acquire a 24% stake, while UHRL and SFL will jointly control a 56% stake in Unique Meghnaghat Power Limited.
Prior to the acquisition, UHRL owned 65.01% of Unique Meghnaghat Power Ltd and 20% of the Netherlands-based GE Global Energy Investment BV, a wholly owned subsidiary of General Electric, while Strategic Finance Limited owns 14.99%. As the owner of the project, Unique Meghnaghat Power Limited has signed a long-term power purchase agreement with BPDB and is bound by a gas purchase agreement with Titas Gas Transmission and Distribution Company Limited (TGTDCL). It is also a party to an implementation agreement with Power Grid Company of Bangladesh Limited (PGCB) and the Bangladeshi government.
Unique Meghnaghat Power Ltd. was established in 2018, where the company is building a combined cycle natural gas plant with a production capacity of 548 MW in Meghnaghat City in Narayangani District, about 27 km east of Dhaka. The project will be one of the largest IPP projects in Bangladesh, upon completion in late 2022.