SEPCOIII signed the EPC contract for S.ALAM 2×660MW Supercritical Coal Fired Power Plant
On Jun 29th, 2015, SEPCOIII signed the EPC contract for S.ALAM 2×660MW Supercritical Coal Fired Power Plant, with Chairman of S.ALAM Group, as well as Shareholders’ representatives, at Dhaka, Bangladesh. Chairman Mr. Wang Lujun presented at the signing ceremony on behalf of SEPCOIII, the EPC contract value amounts to US$1.86 billion.
S.ALAM Group, SEPCOIII and HTG Group will form a Joint Venture with the shareholding ratio of 70:20:10, the Joint Venture is proposed to develop a 2×660MW Supercritical Coal Fired Power Plant at Banshkhali, Chittagong, in the mode of BOO. BPDB is the off-taker, a 25 years’ PPA is going to be signed with the Joint Venture, the gross investment amounts to US$ 2.5 Billion.
Subsequent to EPC Contract signing, Mr. Wang and Chairman of S.ALAM Group carried on a thorough exchange, both sides reviewed the completed works and the made efforts in the past two years, the current achievements of the project are highly recognized, both Parties jointly expressed the confidence and determination to promote the implementation of the project at full speed. A detailed work schedule and action plan was discussed mutually, and the arrangements were made accordingly.
On the same day, Mr. Wang visited Chinese Economic and Commercial Counselor to Dhaka, accompanied by Project Manager of Bangladesh Working Team, Mr. Wang Jian, OBD and HTG Group. Mr. Wang expressed gratitude to the Counselor about his support and concern to SEPCOIII and S.ALAM Project, then briefed the Counselor about the status and progress. Counselor congratulated to the fast development of the project and was encouraged by the achievements, hoped SEPCOIII to be able to seize the opportunity to do a good project, gain experience and constantly improve, graced for the Chinese company in Bangladesh.
In the meanwhile, a Kick-off Meeting for financing for the project was held in Dhaka, as shareholders, S.ALAM Group, SEPCOIII and HTG chaired the meeting, Mr. Zhang Hongsong presented at the meeting. Financial advisor BNP Paribas, technical advisor Lahmeyer India, legal counsel Milbank and Dr. Kamal Hissain & Associates, insurance advisor Marsh and tax & accounting advisor Grant Thornton attended. Vice President,. The meeting focused on the division of responsibilities and the action plan, and set up a detailed follow-up schedule and promote planning, the financing has been put into a full swing phase.