Confidence Group, IDCOL to set up power plants
Confidence Power Holdings Ltd. signed recently a Memorandum of Understanding with Infrastructure Development Company Limited (IDCOL), a government owned financial development institution involved in private sector energy and infrastructure financing in Bangladesh.
Under the MoU, IDCOL will raise $135 million for setting up three HFO (heavy fuel oil) - fired IPP (Independent Power Producer) plants in Bogra, Rangpur, and Chittagong having combined capacity of 280 MW.
Confidence Power Holdings Ltd. is an associate company of Confidence Cement Ltd. and concern of Confidence Group.
Confidence Power Bogra Limited, Confidence Power Rangpur Limited (CPHL), and Zodiac Power Chittagong Limited will set up the said power plants at an estimated cost of $220 million with brand new European engines from MAN and Rolls-Royce.
All power projects are expected to go into commercial operation by 2018, according to a press release issued by the Confidence Group on Thursday. However the press release did not say where the MoU was signed.
CPHL Managing Director Khalid Islam and IDCOL Executive Director and CEO Mahmood Malik signed the MoU on behalf of their respective enterprises for the arrangement of the term loan worth $135 million.
Engr. Rezaul Karim, Chairman of Confidence Group and other officials of Confidence Group and IDCOL were present to grace the signing ceremony.