Qatar Electricity & Water Company’s Joint venture, Nebras Power announces completion of 24% equity stake acquisition in Unique Meghnaghat Power Limited in Bangladesh through its subsidiary, Nebras Power Investment Management B.V.
NPIM has purchased the stake from Unique Hotel & Resorts Limited (UHRL) and Strategic Finance Limited (SFL). UHRL, SFL, and General Electric will jointly hold 76% in the project.
While the financial details of the deal have not been disclosed, it has the full endorsement of Nebras’s senior management, the board of directors, UHRL, SFL, and GE.
Commenting on the completion of the deal, Mr. Mohammed Nasser Al-Hajri, Chairman of Nebras Power said: “The acquisition of an equity stake in Unique Meghnaghat Power Limited and the establishment of partnerships with renowned players UHRL and SFL will not only help us meet a growing demand for energy, but it will further operate as a strategic foundation for Nebras’s entry into the Bangladeshi power sector.”
Nebras CEO Khalid Mohammed Jolo echoed this sentiment noting the seminal nature of the acquisition in expanding Nebras’s geographic footprint. “We are excited to have our first project in Bangladesh, which is one of Asia’s fastest growing economies. Nebras considers Bangladesh a robust growth market for future investments in clean energy sources,” Mr. Jolo said.
Unique Meghnaghat is constructing a 584 MW combined cycle power plant at Meghnaghat, Sonargaon, in Narayanganj district, approximately 27 km east of Dhaka. At its core, the power plant will be powered by GE’s state-of-the-art 9HA.01 gas turbine, one of the most efficient gas turbines in the world.
The plant will be one of the largest Independent Power Producer (IPP) projects in Bangladesh upon completion and will be supplying electricity to the Bangladesh Power Development Board for 22 years.
“This latest acquisition and partnership exemplifies our continuing ambitions of being one of the leading global power investment companies and to diversify our asset base. In accordance with this mandate, Nebras will continue to focus on greenfield and brownfield developments that deliver reliable power while also concurrently generating healthy financial returns,” Nebras’s Chief Business Development Officer Faisal Al-Siddiqi added.
About Nebras Power QPSC
Nebras Power Q.P.S.C. (“Nebras”) headquartered in Doha, State of Qatar, is a joint venture of Qatar Electricity and Water Company (“QEWC”) (60%) and Qatar Holding (“QH”) (40%). Nebras is a strategic investor in the power and water sectors with a global vision. Its target is a well-balanced investment portfolio in terms of technology mix, markets and greenfield development vs M&A. Nebras is committed to providing safe, sustainable, efficient and environmentally sound energy solutions for future generations. www.nebras-power.com
About Nebras Power Investment Management BV
Nebras Power Investment Management BV (“NPIM”) is a wholly owned subsidiary of Nebras Power Q.P.S.C. NPIM is the international investment management platform of Nebras Power Q.P.S.C. Its mandate is to own, develop and invest, in greenfield developments and brownfield projects, in the sectors of power and water, in the Netherlands and internationally.
For More Information please contact:
Charles Mitchell, Head – Public Relations, Nebras Power
Phone: +974 4433 4326 |Mobile: +974 5022-1628 | Fax: +974 4433 43 59
Email: Charles.Mitchell@nebras-power.com
Noor Rashid Al-Sulaiti, Senior Public Relations Officer, Nebras Power
Phone:
