GCM Resources plc and Chinese state-owned Power China on Thursday signed a joint venture agreement (JVA) and an engineering, procurement and construction (EPC) contract for setting up a 2,000MW mine-mouth coal-fired power plant in Dinajpur district. The contracts were signed at a ceremony at the Radisson Blu Water Garden Hotel in the city. The documents were signed by Md. Badruzzaman and Md. Firoz Zaman on behalf of GCM and Xiong Li Xin and Pan Deng Yu on behalf of POWERCHINA. Officials of the GCM Resources, which conducted a feasibility study for Phulbari coal mine, said the new venture will invest an approximate US$4 billion for the project.
They said the proposed project is part of a broader strategy by GCM to generate 6,000MW of low cost electricity for Bangladesh market utilising domestic coal, providing an estimated US$12.5 billion in foreign direct investment (FDI). The power plant will use ultra supercritical technology with its high-energy efficiency which will enable maximum power generation from the coal and provide lower levels of emissions and deliver the lowest cost power.
Datuk Michael Tang PJN (Executive Chairman of GCM), Engr. Rashed Mahmud (Managing Director, DIPON Group), Anis Khan (Managing Director, Mutual Trust Bank), Ding Zheng Guo (Chairman, Power China International), Lin Wei Qiang (Chairman, Chinese Chamber of Commerce Bangladesh) and Xu Jiang Long (Vice President, Power China Eurasia) were present.