JERA Meghnaghat Power Limited

JERA Meghnaghat Power Limited (the “Company”) is a 100% foreign-owned company incorporated in Bangladesh for setting up a 718 MW (net) gas fired combined cycle power project at Meghnaghat, Narayanganj, located approximately 40 km southeast of Dhaka. The Company is co-owned by JERA Co. Inc. (the largest power generation company in Japan, producing one third of Japan's electricity) and Reliance Power Limited (one of the largest private generation companies in India). The electricity generated will be sold under a long-term power purchase agreement with the Bangladesh Power Development Board (“BPDB”) for a period of 22 years from the start of commercial operation. The Project will be set up on a 35-acre plot of land within Meghnaghat Complex of BPDB. The Project has recently secured approval for full debt financing of US$ 642 million from a consortium of development financial institutions and international banks including Asian Development Bank, Japan Bank for International Cooperation and Nippon Export and Investment Insurance, Mizuho Bank Ltd., Société Générale, MUFG Bank and Sumitomo Mitsui Banking Corporation. The Company signed EPC contract with Samsung C&T Corporation (Korea). Having secured requisite licenses and approvals, the Company is currently focusing on full-scale construction and working steadily towards achieving commercial operation. The power generated by the Project will be supplied to the national grid through the 400 kV transmission network operated by Power Grid Company of Bangladesh (PGCB), the state-owned power transmission company. The Company has also signed a Gas Supply Agreement with Titas Transmission & Distribution Company Limited (Titas), a subsidiary of PetroBangla, for supply of gas throughout the term of the Project. The Company’s investment in Bangladesh under the Private Sector Power Generation Policy will complement the nation’s vision to provide electricity to all as per Govt.'s Power Sector Master Plan 2010.