Reliance Power has signed agreements with the Bangladesh Power Development Board (BPDP) for the first phase of a 750MW LNG-based combined cycle power project in Meghnaghat, Bangladesh.
The agreements include a Power Purchase Agreement (PPA) and an Implementation Agreement (IA). Phase I of the project will entail an investment of around $1bn, to be the largest foreign direct investment in Bangladesh, Reliance Power said.
The firm has also signed a memorandum of understanding (MoU) with PetroBangla to build a 500 mmscfd LNG terminal at Kutubdia Island near Chittagong in Bangladesh.
The new terminal will be used by PetroBangla to replace expensive and polluting fuels.