US to continue as number one investor in Bangladesh: Peter Haas

ZOOMBANGLA DESK: US Ambassador to Bangladesh Peter Haas today said in terms of foreign investment here, the United States (US) is number one and will continue this position in the future.

“We are the number one in foreign investment in Bangladesh. Our investment will continue in the future too,” he said this while visiting 584 MW power plant, a gas-based combined cycle plant at Sonargaon in Narayanganj district.

He said, the US companies are interested to invest more in Bangladesh but the regulatory bodies would have to be more rationale.

Managing Director and Chairman of the Unique Meghnaghat Power Plant (UMPL) Chowdhury Nafiz Sarafat welcomed the ambassador with a flower bouquet.

Chairman of UMPL Md Noor Ali, head of the economic unit of the US Embassy Joseph Giblin, Chief Executive Officer of the Company Mohammad Jahir Uddin Mollah and Deepesh Nanda, CEO of the General Electronics (GE) Gas Power, South Asia among others, accompanied the US Ambassador during the visit.

According to the project details, authorities have already completed 92 percent construction work of the plant. The project will come into operation commercially in October 2023.

It said the GE is also the Original Equipment Manufacturer (“OEM”) of key equipment of the plant.

Nebras Power Investment Management B.V. acquired 25 percent of the project development cost is being funded. The remaining 75 percent cost is being financed by Standard Chartered Bank (SCB) as Swiss ECA- SERV covered lender, Asian Infrastructure Investment Bank (AIIB), German Development Bank (DEG) and OPEC Fund for International Development (OFID).

Appreciating to the US Ambassador for his pivotal role in enhancing business and political ties between Bangladesh and the US, Managing Director of the UMPL Chowdhury Nafeez Sarafat said the US companies have been contributing a lot for providing the latest technology gas turbines in the plant.

He said that it is an environment friendly power project as it will emit lesser Green House Gas during the operation in compare to other existing combined cycle power plants, adding, “This project will be a big contributor to the commitment of Bangladesh to achieve nationally determined contributions as per Paris Agreement.

In this plant, GE’s latest 9HA.01 Gas Turbine has been used which will operate at more than 62% efficiency whereas the traditional gas turbine efficiency is around 30-40%. GE’s 9HA.01 heavy-duty gas turbine offers the most cost-effective conversion of fuel to electricity.

“Such highly energy efficient technology will generate electricity consuming reduced level of natural gas compared to other conventional technology.

As a result, Government of Bangladesh will be able to use available gas, one of the scarcest resources in Bangladesh today, more efficiently,” Nafeez said.

He also said that UMPL, a collaboration of international investors, including GE and Nebras, alongside lead investors from Bangladesh, secured international debt financing from SERV, AIIB, DEG, and OPEC Fund.

“This financing will make it a world-class infrastructure project, providing cleaner, reliable and affordable electricity to the people of Bangladesh,” he added.

The Meghnaghat power plant of UMPL is being constructed in accordance with all laws and maintaining international high standards socially and environmentally.

Earlier, Calum David Cornfrth, site manager of the Engineering, Procurement and Construction (EPC) contractor –GE Gas Power presented construction update to the Ambassador.

Agreements related to the power plant and the government sides were signed on 24 July 2019. (BSS)