Reliance Power partners with JERA for project in Bangladesh

MUMBAI: Reliance PowerNSE 0.00 % has signed a pact to induct Japanese utility JERA as a partner for the 750 mw-gas based combined cycle power project it is setting up in Bangladesh, the Anil Ambani-led company said on Tuesday.

In 2015, Reliance Power had signed a memorandum of understanding with Bangladesh to set up á total of 3,000 mw of power generation capacity in the country in phases. The first phase of 750 mw power plant and the LNG terminal entails an investment of $1 billion, the company had earlier said.

“This joint venture project will give a tremendous boost to the economic and industrial growth of Bangladesh and will enhance the energy security of the country with clean, green and reliable LNG based power,” Anil Ambani, chairman, Reliance Group, said in a statement. Reliance Power will hold 51% stake in the joint venture company while JERA will hold 49%.