IFC to finance Excelerate Energy Ltd to build Bangladesh’s first LNG import terminal
The private finance arm of World Bank, International Finance Corporation (IFC), has agreed to extend finance to build Bangladesh’s first LNG import terminal to Excelerate Energy Ltd.
The project, with a total investment of US$179.4 million, will be co-developed by Excelerate Energy Bangladesh Ltd, a special purpose vehicle (SPV) by the IFC and Excelerate Energy Ltd. The financing of the project will be through 70 per cent debt and 30 per cent equity. The SPV will take care of the development, construction, operation and transfer of an offshore marine terminal to support the transfer, storage and regasification of liquefied natural gas for delivery to an onshore transfer location in Bangladesh.
IFC said:
“IFC will lend up to US$34.1 million for its own account through an A loan and will mobilize up to an additional US$91.4 million in Parallel loans or IFC B Loans. IFC also expects to invest up to US$10.8 million in equity for its 20 per cent equity share in the project company.”
Bangladesh has been facing natural gas shortages due to growing energy demand and depletion of natural gas reserves which are expected to be covered by the project, the first LNG import terminal in Bangladesh.
Country news
-
-
March 10, 2017
North-West Power Generation Company signs debt on 230 MW Sirajganj IPP
MIGA, a member of the World Bank Group, continued its commitment to Bangladesh's power sector by announcing a guarantee of US$69.5 million for Standard Chartered Bank (SCB) and Siemens Bank's loans to North-West Power Generation Company Limited (NWPGCL), a state-owned power generation utility.
Read more -
February 27, 2017
Scatec Solar and A.K.Khan sign partnership agreement in Bangladesh
Scatec Solar signed a Memorandum of Understanding with the local A. K. Khan & Company to co-develop several large scale solar projects in different parts of Bangladesh.
Read more -
December 29, 2016
Financing announced for Sembcorp’s 414 MW project in Bangladesh
IFC, a member of the World Bank Group, will provide US$165 million in debt financing to Sembcorp Utilities, a wholly-owned subsidiary of the Singapore-based Sembcorp Industries, to significantly expand power generation capacity in Bangladesh.
Read more -
December 09, 2016
GCM Resources signs MOU with China Gezhouba Group International Engineering for power project
GCM Resources, a London based resource exploration and development company, has announced that a memorandum of understanding (MOU) has been agreed with China Gezhouba Group International Engineering Co. Ltd (CGGCINTL).
Read more -
September 21, 2016
IFC, IFC Emerging Asia Fund, and EMA Power Invest $175.5 million in Summit Group to Grow Bangladesh’s Power-Generation Capacity
IFC, IFC Emerging Asia Fund, and EMA Power have invested US$175.5 million to finance local independent power producer, Summit Group's future power projects in energy-scarce Bangladesh. Read more
