Qatar-based Nebras Power Investment Management (NPIM) has acquired 24 percent share of Unique Meghnaghat Power Limited, a private power plant in Bangladesh.
The NPIM bought the shares from Unique Hotels and Resorts Limited (UHRL) and Strategic Finance Limited (SFL), says a report published by Dubai-based Gulf News.
The UHRL, SFL and General Electric (GE) jointly own the remaining 76 percent of the project.
No financial details have been released about the deal.
Chowdhury Nafeez Sarafat, Bangladesh’s one of top businessmen, is the Managing Director (MD) of Unique Meghnaghat Power Limited (UMPL).
While speaking about the deal with Gulf News, Chairman of the Board of Nebras Mohammed Nasser Al-Hajri said, “The acquisition of an equity stake in Unique Meghnaghat Power Limited serves as a vehicle for the entry of Nebras into the Bangladeshi power market, which we have identified as a major new growth market.”
“In this respect, this purchase would underscore our mandate and vision of continually pursuing lucrative opportunities that expand and enrich our portfolio of power assets,” he added.
Nebras Chief Executive Officer (CEO) Khalid M Jolo said that the purchase of Unique Meghnaghat Power Limited has strengthened and advanced their business operations in the Asian continent.
“Through this transaction, Nebras is delivering on a value proposition of supplying power in Bangladesh while broadening our momentum in global power investments as we continue to explore further opportunities in Asia,” he told the Gulf News.
The Nebras CEO also said they consider Bangladesh as a strong growth market for future investments in the company’s clean energy source.
Unique Meghnaghat is constructing a 584 MW combined cycle power plant at Meghanaghat in Sonargaon of Narayanganj.
Once completed, the plant will be one of the largest 'independent power generating' projects in Bangladesh. It will supply power to Bangladesh Power Development Board for the next 22 years.
Nebras Power is a joint venture between Qatar Electricity and Water Company (60 per cent) and Qatar Holding (40 per cent). The company is a strategic investor in the power and water sector.
DST: 0015 HRS, MAR 06, 2022
SMS
