Nebras acquires 24% stake in Unique Meghnaghat Power

Originally posted in The Business Post on 01 March 2022

Nebras considers Bangladesh a robust growth market for future investments in clean energy sources – Courtecy Photo

Nebras Power Investment Management (NPIM), a wholly owned subsidiary of Nebras Power, has completed the purchase of a 24% stake in Bangladesh-based Unique Meghnaghat Power.

NPIM has purchased the stake from Unique Hotel and Resorts (UHRL) and Strategic Finance (SFL). UHRL, SFL, and General Electric (GE) will jointly hold 76% in the project, reports The Gulf Times.

While the financial details of the deal have not been disclosed, it has the full endorsement of Nebras’ senior management, the board of directors, UHRL, SFL, and GE.

“The acquisition of an equity stake in Unique Meghnaghat Power and the establishment of partnerships with renowned players UHRL and SFL will not only help us meet a growing demand for energy, but it will further operate as a strategic foundation for Nebras’ entry into the Bangladeshi power sector,” said Mohamed Nasser al-Hajri, chairman of Nebras Power.

Nebras CEO Khalid Mohammed Jolo said it “considers Bangladesh a robust growth market for future investments in clean energy sources.”

Unique Meghnaghat is constructing a 584MW combined cycle power plant at Meghnaghat, Sonargaon, in Narayanganj district, about 27km east of Dhaka. At its core, the power plant will be powered by GE’s state-of-the-art 9HA.01 gas turbine, one of the most efficient gas turbines in the world.

The plant will be one of the largest Independent Power Producer projects in Bangladesh upon completion and will supply electricity to the Bangladesh Power Development Board for 22 years.

“This latest acquisition, and partnership, exemplifies our continuing ambitions of being one of the leading global power investment companies and to diversify our asset base. In accordance with this mandate, Nebras will continue to focus on Greenfield and brownfield developments that deliver reliable power, while concurrently generating healthy financial returns,” Nebras’ chief business development officer Faisal al-Siddiqi said.

Nebras Power, a joint venture of Qatar Electricity and Water Company (60%) and Qatar Holding (40%), is a strategic investor in the power and water sectors.

Unique Hotel & Resorts Ltd. is a Public Limited Company listed with Dhaka Stock Exchange and Chittagong Stock Exchange on 14 June 2012 and 5 June 2012 respectively.

On Monday, share of Unique Hotel & Resorts traded Tk 56.80 each at the Dhaka Stock Exchange.

Unique Hotel & Resorts Ltd, the owner of “The Westin Dhaka”- a five star hotel in Bangladesh, started its commercial operation from 1st July 2007.

It is a sister concern of Unique Group. Unique Group is one of the largest conglomerate and foremost diversified business entities in Bangladesh.

Its journey started in early 1980’s, and over the years, it has diversified into many new businesses sectors in order to meet the needs of the stakeholders, while contributing significantly to the economy.

The businesses of the conglomerate include Human Resource Development & Export organization, Aviation, Hospitality, Energy & Power Sector, Private Economic Zone, Bank, Insurance, Non-Banking Financial Sector, Real Estate, Construction & Infrastructure Development, Telecommunication, Stock Brokerage House, Ceramics Industry, Educational Institutions, Agro, Health Care, and Media & Publications.