Reliance Power on Tuesday said it has signed a partnership agreement with Japanese energy major JERA for jointly setting up 750 mega watt (MW) gas-based combined cycle power project (phase-1) at Meghnaghat, Bangladesh. “Reliance Power will hold 51 per cent stake, while JERA will hold 49 per cent stake in the joint venture company,” Reliance Power said in a regulatory filing.
Reliance Power said the transaction will result in debt reduction for Reliance Power of Rs 835 crore (USD 116 million) payable to US-Exim. The project will be set up within 36 months of signing the agreements, the company added.
