Dhaka, Bangladesh (BBN)- IDLC Finance Ltd and Infrastructure Development Company Ltd (IDCOL) raised BDT 2.28 billion and US$30 million for a power project in Chittagong.
ECPV Chittagong Ltd (ECPVL) will use the fund to set up a 108MW power plant, an IDLC press statement said. The total cost of the project is $93 million.
ECPVCL, a joint venture power project of Confidence and Energypac, will build the project on a build, own and operate basis under IPP arrangement for a 15-year term.
The power plant is expected to go into commercial operation by July 2013 and will be using Rolls-Royce liquid fuel engines.
Twelve banks and non-bank financial institutions took part in the syndication.
Other lenders are Bank Asia, United Commercial Bank, Bangladesh Commerce Bank, One Bank, the City Bank, Standard Bank, Uttara Finance and Investments, United Leasing Company, Islami Bank Bangladesh and Industrial Promotion and Development Company.
Abul Kalam Azad, power secretary, attended the loan signing ceremony as chief guest; and Stefan Ekelund, deputy country director of Asian Development Bank, was the special guest.
Senior officials from the participating banks and financial institutions, including Selim RF Hussain, managing director and chief executive officer of IDLC Finance; Mahmood Malik, executive director and CEO of IDCOL; and Imran Karim, managing director of ECPVCL, were also present.
BBN/SSR/AD-21Nov12-1:36 pm (BST)
