Westmont Baghabari Power Barge

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Westmont Power (Bangladesh) Ltd., an affiliate of Westmont Offshore Sdn Bhd of Malaysia, was to establish a 130 MW gas-fired barge-mounted power project in Baghabari, Sirajganj district. Westmont was to sell electricity to the national grid under a 15-year power purchase agreement (PPA) agreed with the Bangladesh Power Development Board in June 1998. The plant was to be built in two phases. A 90 MW (2 x 45 MW) open-cycle plant was to be built in the first phase, and in the second phase, a 40 MW power unit was to be added in combined cycle within 15 months of commercial operation of the first phase. The first phase (90 MW) began commercial operations in July 1999. As of November 2008, the 40 MW second phase had not been commissioned. In August 2002, the Corporate Finance Unit of IDLC of Bangladesh Limited arranged a consortium term finance of Taka 950.0 million (US$16,150,000) for Westmont Power. Janata Bank was the Lead Bank of this consortium financing. Apart from IDLC and Janata Bank, the other financiers of the project are Sonali Bank, Pubali Bank Ltd. IIDFC Ltd, The City Bank Ltd and Bank Asia Ltd. In 2003, Westmont made an unsolicited proposal to set up a new 130 MW barge-mounted generation plant in combined cycle configuration at the Baghabari location. In March 2004, Bangladesh Power Development Board (BPDB) signed a 20-year power purchase agreement for electricity provided by this additional power plant. The new plant was to be developed in two phases. A 90 MW open-cycle plant was to be built in the first phase, and in the second phase, a 40 MW power unit was to be added in combined cycle within 18 months of commercial operation of the first phase. As of December 2008, the new plant had not been commissioned.