United Ashuganj Energy

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The project entails the development of a 195 MW combined cycle gas fired power plant within Ashuganj Power Station complex by United Ashuganj Energy Ltd. ("Project Company"). Sponsors are United Group (71%) and Ashuganj Power Station Company Ltd. “APSCL” (29%) . APSCL is 51% owned by the power utility, BPDB and 49% owned by the GoB. The project is a greenfield development being initiated under the Implementation Agreement (the “IA”) with the Government of Bangladesh (the “GoB)”. The company has secured a 15-year Power Purchase Agreement (the “PPA”) with the Bangladesh Power Development Board (“BPDB”) via a process of competitive bidding. The total investment in the project equals $170 million, which is financed at a debt to equity ratio of 70:30. In January 2016, the project company reached financial closure after securing $58.5 million funding under World Bank IPFF initiative. The lead arranger of the term loan is Dhaka Bank. Trust Bank and Mutual Trust Bank also contributed funds to the syndicated loan. Details on the remaining debt financing are not disclosed yet (amounting to $60.5 million) http://ifcext.ifc.org/ifcext%5Cspiwebsite1.nsf%5C0%5C526A5CD9A1382C4085257E6000553722 http://www.thedailystar.net/business/four-companies-get-120m-wb-fund-135850 http://dhakabankltd.com/financial-closure-ceremony-for-the-countrys-largest-ipff-syndicated-term-loan-raise-for-united-ashuganj-energy-limited-amounting-to-usd-58-50-million-under-lead-arrangement-of-dhaka-bank-limited/