"The ADB's financing package includes loans and partial risk guarantees for the power generation facility, as well as for its Liquified Natural Gas (LNG) terminal. The total project cost is approximately $1 billion," a company statement said.
According to the company, the project which includes a power generation facility to be located in Meghnaghat, near capital Dhaka, and a LNG terminal near Kutubdia Island south of Chittagong will significantly increase power generation and boost the energy infrastructure in Bangladesh.
"ADB's support will help Reliance Power to develop an initial approximately 750 megawatts (MW) of gross power generation capacity and terminal facilities for LNG import," the statement said.
"Reliance Power plans to increase its power generation capacity to around 3,000 MW in Bangladesh. Energy from the power plant will be sold to the country's electricity grid under a long-term power purchase agreement with Bangladesh Power Development Board."
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
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Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.