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Bangladesh Power Development Board (BPDB) has issued a fresh letter of credit (LC), the third of its kind, worth $173 million to Adani Power.
According to the Economic Times, the third LC was issued by Bangladesh Krishi Bank. The ICICI Bank is Bangladesh Krishi Bank’s counterpart in India.
Citing sources, the report said the earlier LCs were not in line with the power purchase agreement.
The initiative was taken after reports of the suspension of electricity supplies by half over unpaid dues of $843 million.
India’s Adani Power supplies nearly 1,600 megawatts (MW) of power to Bangladesh from its coal-fired plant in Godda in Jharkhand. It has two units of nearly 800 MW each.