Intraco Solar Power Ltd (ISPL) yesterday signed agreements with two government agencies to set up a solar power plant and supply 30 megawatts of electricity to the national grid from next year.
One agreement on the purchase of the electricity was signed with Bangladesh Power Development Board (BPDB) while another on constructing the power plant with the Power Division at Bidyut Bhaban in Dhaka.
The government will procure power on a “no electricity no payment basis” for up to 20 years at $0.16 per kilowatt hour, says a statement of ISPL, a concern of Intraco Group.
ISPL is constructing the power plant in Gangachhara, which is 17 kilometres away from Rangpur town. The company hopes to start supplying the electricity within 13 months.
Process is underway to select engineering, procurement and construction contractors from companies in countries such as Germany, South Korea, Malaysia, India and China.
Infrastructure Development Company and local banks will bankroll the project. Intraco Group Managing Director Mohammed Riyadh Ali, Secretary to BPDB Mina Masud Uzzaman and Joint Secretary for Development at the Power Division Sheikh Faezul Amin signed the deals.
State Minister for Power, Energy and Mineral Resources Nasrul Hamid, Secretary to the Power Division Ahmad Kaikaus and BPDB Chairman Khaled Mahmood were present.
Intraco Group has businesses involving power, energy, hotel and tourism, properties, insurance, amusement park, oil tanker and telecommunication.