Infrastructure Development Company Limited (IDCOL), a government-owned development financial institution involved in private sector energy and infrastructure financing in Bangladesh, has recently signed a term sheet with Confidence Group to raise US$135 million term loan facility for establishment of three HFO fired IPP power plants in Bogra, Rangpur, and Chittagong having combined capacity of 280 MW.
Confidence Power Bogra Limited, Confidence Power Rangpur Limited, and Zodiac Power Chittagong Limited will establish the said power plants at an estimated cost of US$ 200 million with brand new European engines from MAN and Rolls-Royce. All power projects are expected to go into commercial operation by 2019, said a press release.
The program was graced by Mahmood Malik, Executive Director and CEO of IDCOL and Rezaul Karim, Chairman of Confidence Group, Imran Karim, Group Managing Director of Confidence Group, Salman Karim, Group CEO of Confidence Group, Nazmul Haque, Director (Investment and Advisory), and Khalid Islam, Managing Director of all the three companies were also present at the program along with relevant team members.
IDCOL, the largest energy and infrastructure financier of the country, has already financed power projects supplying more than 1,500 MW to the national grid. IDCOL looks forward to investing additional US$ 1 billion by 2021 for development of priority infrastructure projects in Bangladesh.