Dhaka, Bangladesh (BBN)- Sinha People’s Energy Limited (SPEL) has received BDT 1.0 billion from Bangladesh Infrastructure Finance Fund Limited (BIFFL) for its 52.50 megawatts (MW) power plant project at Munshiganj district.
After a long negotiation, the SPEL obtained the loan from the BIFFL, a special purpose company set up by the Finance Ministry for financial infrastructure projects under public private partnership (PPP).
Industrial and Infrastructure Development Finance Company Limited (IIDFC), another private financial institution, was the lead arranger of the fund in this regard.
Chief executive officer and executive director of the BIFFL Atiquzzaman handed over a cheque for the loan amount to the SPEL at a function at the funding agency’s office in the city’s Kakrail recently.
Addressing the function, SPEL managing director Mamun Haider informed that the construction of the power plant is now at the final stage and it will start test run within a few months.
The state-owned Power Development Board (PDB) will purchase electricity from the plant under a power purchaser agreement.
Atiquzzaman said that since its inception by the government, this is the first loan sanctioned by the BIFFL for an infrastructure company.
He said providing loan for another two private companies are under process.
IIDFC managing director Asaduzzaman Khan said they are happy to have arranged the huge loan for the SPEL as the company has been successful in power plant project implementation as per its commitment.
BBN/SSR/AD-08Aug14-11:57 pm (BST)