Reliance Power has signed an agreement with Japanese energy major JERA for setting up a 750 MW power project in Bangladesh.
In 2015, Reliance Power had signed an agreement with Bangladesh to set up á total of 3,000 MW of power generation in phases.
The first phase of 750 mw power plant and the LNG terminal entails an investment of $1 billion.
The gas-based combined cycle power project will come up at Meghnaghat, about 22 kms south of Dhaka in Bangladesh.
As per reports, Reliance Power will hold 51 percent stake in the project, and JERA will hold 49 percent stake.
The project will be set up within 36 months of signing the agreements.
The joint venture project will enhance the energy security of Bangladesh with clean, green and reliable LNG-based power.
The pact also includes the PPA and land lease agreement with Bangladesh Power Development Board for the power project.
A gas supply agreement was also signed with Titas Gas, a subsidiary of Petrobangla.