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Chinese bank pledges to provide a $2 billion USD loan for the 2x660 MW Mirsarai Power Plant Project
| Funder | Unspecified Chinese State-owned Bank |
|---|---|
| Recipient Organization | Hangzhou Jinjiang Group Co., Ltd.|Hangzhou Zhengcai Holding Group Co., Ltd.|Jindun Energy Equipment (Hong Kong) Limited |
| Country | Bangladesh |
| Start Date | Jan 01, 2018 |
| End Date | Dec 20, 2032 |
| Duration | 5,467 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 54312 |
Grant Description
Chinese bank pledges to provide a $2 billion USD loan for the 2x660 MW Mirsarai Power Plant Project In or around 2018, an unspecified Chinese bank pledged to provide a "low interest" $2 billion USD loan for the 2x660 MW Mirsarai Power Plant Project, representing 80% of the $2.5 billion USD total cost of the project.
The project was to be implemented by a China and Hong Kong-based consortium consisting of Hangzhou Jinjiang Group, Hangzhou Zhengcai Holding Group, and Jindun Energy Equipment (Hong Kong), which planned to operate the plant as independent power producers. Other reports, however, indicate that the consortium will invest $2.5 billion.
The 1,320 MW plant was planned to be located in Mirsharai Upazila (also spelled Mirsarai) in the Chittagong (Chattogram) District. The Chinese consortium planned to implement it on a build-own-operate (BOO) basis.
Zhejiang Jindun Holding Group Co., Ltd. (ZJHC) signed an agreement with the Bangladesh Economic Zones Authority (BEZA) to develop the project in October 2016, and then a memorandum of understanding (MoU) in July 2017.
The consortium would supply electricity to the Government of Bangladesh for 25-years at the price of $0.081499 (৳ 6.5199 BDT) per kW/h, which was approved on February 28, 2018 by the Government of Bangladesh.
The construction of the first 660 MW unit was expected to take 48 months, while the second unit was expected to be completed with 52 months.
The consortium was also responsible for acquiring the land and establishing related infrastructure, including 25 km of 400 kV double circuit transmission lines. The coal for the plant was to be super-quality coal, likely imported from Australia.
On November 19, 2020, The Daily Star reported that Bangladesh's Ministry of Power, Energy and Mineral Resources finalized an energy plan to provide the Prime Minister's Office to cancel all new coal plants except for five under construction; the Mirsarai power station was not included in the list of projects allowed to proceed.
On January 15, 2022, it is officially announced that this project was dropped (or cancelled) by Bangladesh.
Staff Comments
Project canceled by Bangladesh. The project status remained pledge as no evidence has been found related to project commitment
Sources & References
- Bangladesh to build three more power plants
- China at a Crossroads:
- Govt to build three more power plants
- A 1,320 MW power plant in Ctg on way
- BEZA/ZJHG – Mirsarai Coal-Fired Power Plant 1320 MW – Bangladesh - Project Profile
- Mirsarai power station (Hangzhou Jinjiang)
- Record $5b Chinese investment coming up
- Chinese company to invest Record $5b for coal-fired Power Plant in BD
- Powerchina to expand its footprint in BD
- Future not coal power
- Update on the Coal Power Plants in Bangladesh
- 云南能投孟加拉燃煤电站项目合资协议签订
- 金盾将在孟加拉国建超超临界燃煤电厂, চেয়ারম্যান মহোদয় কর্তৃক মিরসরাই ১৫০ মেঃ ওঃ ডুয়েল ফুয়েল বিদ্যুৎ কেন্দ্র নির্মাণ প্রকল্পের অগ্রগতি পরিদর্শন, মিরসরাই ১৫০ মেঃ ওঃ ডুয়েল ফুয়েল বিদ্যুৎ কেন্দ্র প্রকল্পের অগ্রগতি (২০২১) Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.
All Grantees
Hangzhou Jinjiang Group Co., Ltd.|Hangzhou Zhengcai Holding Group Co., Ltd.|Jindun Energy Equipment (Hong Kong) Limited
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