Unique Meghnaghat Power secures $463m loans from abroad

Unique Meghnaghat Power Ltd has signed an agreement with lenders for a foreign loan of $463 million for 15 years to meet its debt requirement, said one of its owners yesterday.

The company is a joint venture of Unique Hotel & Resorts PLC, Strategic Finance Limited, Nebras Power Investment Management BV, and GE Capital Global Energy Investment BV.

It was established as a special-purpose vehicle for the construction and operation of a 584-megawatt gas-based combined cycle power plant in Narayanganj on a build-own-operate basis for 22 years.

A special purpose vehicle is a subsidiary company that is formed to undertake a specific business purpose or activity.

The project will be financed at a 75:25 debt-equity ratio where Unique Hotel & Resorts PLC has a 37.24 per cent of economic interest, said Unique Hotel in a filing on the Dhaka Stock Exchange.

As per disclosure, Standard Chartered Bank will provide $270 million, the Asian Infrastructure Investment Bank will give $110 million, Germany's development finance institution DEG will come up with $45 million, and the Opec Fund for International Development will lend $38 million.

The tenure of the loans is 15 years, said the filing.

Shares of Unique Hotel & Resorts closed 1.66 per cent higher at Tk 67.50 on the DSE yesterday.