584 MW Unique Meghnaghat Power kicks off 

Unique Meghnaghat Power Limited has obtained approval from the Bangladesh Power Development Board (BPDB) to commence commercial operations.

The joint venture, owned by Unique Hotel and Resorts, Strategic Finance Limited, Nebras Power Investment Management, and GE Capital Global Energy Investment, boasts a production capacity of 584MW.

According to a stock exchange filing on Monday, Unique Hotel stated that the BPDB has issued a commercial operation date effective on 20 January.

As per the power purchase agreement, the state-run BPDB will procure electricity from the gas-based combined cycle power generation facility for 22 years, the disclosure added.

The plant has been established in Narayanganj on a build-own-operate basis under the private sector power generation policy of the government. 

According to its report for the fiscal 2022-2023, the publicly listed Unique Hotel and Resorts holds a 37.24% stake in the project, while Strategic Finance holds 38.76% and Nebras Power Investment Management holds 24%.

In July 2019, Unique Hotel signed a 22-year power purchase agreement with the BPDB to set up the plant on 18.75 acres of land at an estimated cost of $575 million.

The commencement of operations was initially expected by July 2022, with the aim of generating electricity to power seven lakh homes.

However, due to supply disruptions caused by the Covid outbreak and later by the Ukraine-Russia war, the construction work has been delayed.