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GCM and POWERCHINA Inks $4b JV power deal

Published : Monday, 19 October, 2020 at 12:00 AM  Count : 243
Business Correspondent

GCM Resources plc and POWERCHINA signed a Joint Venture Agreement and EPC Contract for the proposed development of 2,000MW  of mine mouth coal fired power plants with an approximate investment of US$4bn in Dinajpur District, North-West Bangladesh.
The Agreement and Contract were signed at the Radisson Blu Water Garden in Dhaka.
The  documents  were  signed  by  Md.  Badruzzaman and  Md.  Firoz  Zaman on  behalf  of GCM and Xiong Li Xin and Pan Deng Yu on behalf of the state-owned Chinese firm POWERCHINA, POWERCHINA.
Datuk Michael Tang PJN (Executive  Chairman  of  GCM),  Engr.  Rashed  Mahmud  (Managing  Director,  DIPON  Group), Anis Khan   (Managing   Director Mutual   Trust   Bank),   Ding   Zheng   Guo   (Chairman, POWERCHINA International), Lin Wei Qiang (Chairman, Chinese Chamber of Commerce Bangladesh) and Xu Jiang Long(Vice President,PowerChina Eurasia)were witnesses. 
The proposed Project,  which  is  part  of  a  broader  strategy  by  GCM  to  generate  6,000MWof  low  cost electricity  for  the  Bangladesh  market  utilising  domestic  coal,  providing  an  estimated  US$12.5 billion  in foreign direct investment, at no capital cost to the Government and is in line with the Government's energy development master plan and election manifesto of current party in power, being to pursue the logical use of the country's coal resources.
The power plant utilising ultra supercritical technology with its high-energy efficiency enables maximum power to be generated from the coal, provides lower levels of emissions and delivers the lowest cost of power.
The Project would deliver a sustainable power solution for the development and progress of Bangladesh and would have a substantial multiplier effect on the country's economic and social advancement. This includes thousands of  new  jobs,  new  industries,  more  business  and direct  positive  impact  on  the development of Rangpur Division. The Proposal is for the power plants to be powered by coal from a proposed adjoining open pit mine where the power plants will be located.  Technical studies for both the power plants and mine have been completed and are favorable.

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