Saudi Arabia-based private company ACWA Power is going to enter Bangladesh's power sector, after signing a memorandum of understanding (MoU) for investing around $2.5 billion in the country's power and energy sector.
Bangladesh Power Development Board (BPDB) and ACWA Power signed the MoU for "Development of 3600MW Natural Gas/R-LNG Based Combined Cycle Power Plant in Bangladesh," at the Intercontinental Hotel, Dhaka on Thursday.
The site for the power plants will be chosen once the feasibility study is done.
ACWA Power Chairman Mohammed Abunayyan and BPDP Chairman Engineer Khaled Mahmood signed the agreement on behalf of their respective organisations.
Prime Minister's Private Industry and Investment Adviser Salman F Rahman was present at the signing ceremony as the chief guest, while State Minister for Power, Energy and Mineral Resources Nasrul Hamid and Secretary of Power Division Dr Ahmed Kaikaus attended the event as special guests.
Salman F Rahman said that this is the success of our last year's tour in Saudi Arabia.
"The Saudi king kept his promise. I hope the project will be implemented in a quickly," he added.
State Minister Nasrul said Bangladesh has achieved remarkable success in the power sector and many internationally renowned companies have already invested in the country's power and energy sector.
"Many of the international companies are planning to invest in Bangladesh due to good governance and rule of law," he added.