Nutan Bidyut Bangladesh

Bhola Combined Cycle Power Generation Project - Acquisition Financing

Industry
Power/Gas-fired combined cycle
Area of finance
Project & Infrastructure Finance
Region
Asia
Countries
Bangladesh

Deal Overview

MIGA has issued guarantees totaling $407 million for the acquisition and refinancing of a power plant in Bhola District, in Bangladesh.The guarantees will cover equity investments by Actis against the risk of breach of contract-arbitral award default for a period of up to 20 years. They will also...

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MIGA has issued guarantees totaling $407 million for the acquisition and refinancing of a power plant in Bhola District, in Bangladesh.

The guarantees will cover equity investments by Actis against the risk of breach of contract-arbitral award default for a period of up to 20 years. They will also cover non-shareholder loans made by a group of international banks for up to 18 years against the risks of transfer restriction, expropriation, war and civil disturbance, and breach of contract-arbitral award default. 

Mizuho Bank is the MIGA coordinating bank for the lending group that includes DBS Bank, and the Singapore branches of the Bank of China, ING Bank, Societe Generale, and Sumitomo Mitsui Banking Corporation.  

MIGA’s guarantees will allow Actis to acquire Nutan Bidyut (Bangladesh) Ltd (NBBL), the project company that owns the fully operational Bhola-2 220MW, dual fuel (gas/HSD), combined cycle power plant. MIGA’s coverage has also made it possible for NBBL to refinance existing loans from development finance institutions through a new commercial lending syndicate that includes two commercial lenders that are participating for the first time in a project finance transaction in Bangladesh.

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Deal Volume
$ 407m
Financial Close
08 August 2022

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Projects

Bhola Combined Cycle Power Generation Project

Greenfield
Gas-fired combined cycle
Asia
Bangladesh
$ 407m