The Bangladesh Power Development Board has signed a deal with General Electric to build a 3,600MW LNG-based power plant in Moheshkhali of Cox's Bazar.
The memorandum of understanding was signed in Dhaka on Wednesday, reports bdnews24.com.
According to the MoU details, the Switzerland unit of GE will own 30 per cent of the joint venture, while BPDB will hold 51 per cent with the remaining 19 per cent left for a future strategic investor.
The development of 5,600-acre land is estimated to cost $1.6 billion and the power plant will cost $2.8 billion.
BPDB Chairman Khaled Mahmood and GE Power President and CEO Russell Stokes signed the MoU.
Prime Minister’s Power, Energy and Mineral Resources Adviser Tawfiq-e-Elahi Chowdhury, State Minister for Power, Energy and Mineral Resources Nasrul Hamid, US Ambassador Marcia Bernicat and Power Secretary Ahmad Kaikaus were also present.
The GE is a multinational conglomerate incorporated in New York and headquartered in Boston in Massachusetts of the United States.