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Public utility Qatar Electricity and Water Company (QEWC) has acquired a 24 percent equity stake in Unique Meghnaghat Power Ltd. in Bangladesh through its subsidiary, Nebras Power Investment Management B.V.
Nebras purchased the stake from Unique Hotel & Resorts Limited (UHRL) and Strategic Finance Limited, which along with General Electric will continue to jointly hold a 76 stake in the project, the utility said in a filing on Qatar Stock Exchange.
However, no financial details of the deal were disclosed.
Unique Meghnaghat is constructing a 584 MW combined cycle power plant at Meghnaghat, near Dhaka. The plant, which will be one of the largest Independent Power Producer (IPP) projects in the country, has a 22-year power offtake agreement with the Bangladesh Power Development Board.
Mohammed Nasser Al-Hajri, Chairman of Nebras Power said the acquisition will be a “strategic foundation for Nebras’s entry into the Bangladeshi power sector”.
Nebras, a strategic investor in the power and water sectors, is a joint venture in which QEWC holds a 60 percent stake while Qatar Holding has 40 percent.
(Reporting by Brinda Darasha; editing by Seban Scaria)
