28-02-2022
Qatar Electricity and Water Company announces of Nebras Power Investment Management B.V. at. A wholly owned subsidiary of Nebras Power, has completed the purchase of a 24% stake in Unique Meghnaghat Power Limited.
NPIM has purchased the stake from Unique Hotel & Resorts Limited (UHRL) and Strategic Finance Limited (SFL). UHRL, SFL and General Electric will be involved in 76% of the project.
While the financial details of the acquisition were not disclosed, it has received full approval from Nebras' senior management, the Board of Directors, UHRL, SFL, and GE.
Commenting on the completion of the acquisition, Mr. Mohamed Nasser Al-Hajri, Chairman of Nebras Power said: “The acquisition of a stake in Unique Meghnaghat Power Limited and the establishment of partnerships with UHRL and SFL will not only help us meet the growing demand for energy, but will serve as a strategic basis for entering the Bangladeshi energy sector.
The CEO of Nebras Power Company, Khaled Mohamed Jolo, stated that the main objective of the acquisition is to expand the geographical footprint of Nebras. "We are excited to have our first project in Bangladesh which is one of the fastest growing economies in Asia. Nebras Bangladesh is a strong market for the growth of future investments in clean energy sources," he said.
Unique Meghnaghat is building a power plant with a total capacity of 584 MW at Meghnaghat and Sonargaon in Narayangan district, which is about 27 km east of Dhaka. The power plant will be powered by GE's latest 9HA.01 gas turbine, which is one of the most efficient gas turbines in the world.
The plant will be one of the largest independent power generation projects in Bangladesh upon completion and will supply electricity to the Bangladesh Energy Development Board for 22 years.
Mr. Faisal Al Seddiqi, Chief Business Development Officer stated, “These acquisitions and partnership embody our ongoing ambitions to be one of the world’s leading energy investment and diversify our asset base. In accordance with this priority, Nebras will continue to focus on developing new projects and acquisitions that provide reliable energy while achieving meaningful financial returns at the same time.