Bridgin Power acquires 49% stakes in Indian power plant situated in Bhola

Bridgin Power, a subsidiary power generation company of UK-based investor Actis, has recently acquired 49 per cent stakes in a 220-megawatt combined cycle gas turbine power plant, which is owned by India's Shapoorji Pallonji Group and situated in Bhola of Bangladesh.

The Bhola power plant has a 22-year power purchase agreement with Bangladesh Power Development Board and achieved commissioning in Jun 2021.

Actis, a leading global investor in sustainable infrastructure, has recently announced the launch of Bridgin Power, which will pursue gas-fired power projects and focus on delivering an equitable energy transition in Southeast Asia.

Bridgin Power is targeting a total portfolio capacity of 1.2 GWs across the region by 2028.

"We believe natural gas is an essential fuel for the medium-term offering flexible low emission power as the region gradually transitions to more green energy sources," said Sanjiv Aggarwal, partner for energy infrastructure at Actis.

"Bridgin Power's investment in Bhola power project in Bangladesh is a step in that direction."

Dennis Foo, group CEO of Bridgin Power, said: "We're delighted to have closed our first investment in a country which has strong need for gas power to meet its growing power demands and which provides a stable PPA framework for investors."

"The acquisition of Bhola asset sets us on our path to create an energy platform of scale, using natural gas as a bridge to a sustainable and low carbon future."