Energypac Confidence Power Venture IPP

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In July 2007, the Purchase Committee of the Bangladesh government awarded a 10 MW power plant at Habiganj to Energypac Confidence Power Venture, an equity joint venture of Confidence Group and Energypac. The award followed a competitive tender for setting up 10 small IPPs called by Power Cell in April 2007. In October 2007, the Implementation Agreement (IA), Land Lease Agreement (LLA), Power Purchase Agreement (PPA) and the Gas Sales Agreement (GSA) were signed. The plant was to be operational within 15 months of the signing of these agreements. In February 2009, the Financial Express [Bangladesh] reported that the sponsor invested BDT500 million (US$7.3 million) in the project. There was no information on the date of financial closure or whether debt was raised. The plant started operations in January 2009.