Samsung Signs Deal with BD to Build $340 Million Power Plant

DHAKA: The construction and trading arm of South Korea’s Samsung Group, signed an accord with Electricity Generation Co. of Bangladesh and Spain’s Isolux Ingenieria SA to build a power plant in the South Asian country.

The 335-megawatt project will be built in Siddhirganj, Bangladesh Electricity Generation Co. source said.

Bangladesh is spending $10 billion over a decade to increase generation capacity in the country where more than half of the 166 million people don’t have access to electricity.

Prime Minister Sheikh Hasina is seeking to boost spending on power plants, roads and ports and lure foreign investors to the $106 billion economy.

The World Bank will provide $196 million of the project’s estimated cost of $340 million, said a government source.

The power plant is expected to start its operation in December 2014, according to the statement.

BDST: 0944, HRS, MAY 29, 2012
Edited by: Maria Salam, Asst Output Editor