A Chinese company named Zhejiang Jindun Pressure Vessel Company Ltd is going to invest a record $5 billion in Bangladesh’s power sector.
A deal is likely to be signed between Zhejiang Jindun and Bangladesh Economic Zones Authority (BEZA) regarding this investment within the next one month.
The Chinese company was originally willing to set up a 2,640-megawatt coal-fired power plant but the Power Division gave it permission initially to build a 1,320MW plant comprising two units with 660MW each.
The Chinese investor will not only generate electricity by setting up the power plant but also make bricks by utilizing the ashes of burnt-coal
According to the proposal of Zhejiang, the installation of the power plant will be finished within three years of final contact signing.
Once fully finalized, it will be the single largest foreign investment by a single company in Bangladesh’s history.
Paban Chowdhury, chairman of the BEZA said that, BEZA has already decided to give Zhejiang 500 acres of land as their investment plan was satisfactory.
On signing the deal on the allocation of land at the Mirsarai Economic Zone in Chittagong, Zhejiang will pay Tk 315 crore to the Beza as the land rent for 50 years, he said. Bangladesh received a record $2.45 billion in Foreign Direct Investment (FDI) in 2016-17.
Zhejiang representatives visited the under-construction zone in October 2015 before applying to the BEXA seeking 1,000 acres of land, paying Tk 6 crore in advance, said Beza officials.