This is funding the ongoing construction of the Sirajganj Unit 4 power plant.
Sembcorp Industries' (Sembcorp) project company Sembcorp North-West Power Company has received a $17.07m (US$12.8m) investment from Bangladesh's power generation company North-West Power Generation Company (NWPGC). The company is developing the Sirajganj Unit 4 power project in Bangladesh.
According to an announcement, NWPGC has taken up a 17% stake in Sembcorp North-West Power Company, with the remaining 83% effectively owned by Sembcorp.
"NWPGC’s equity injection was made at par value of the shares, in accordance with a shareholders’ agreement between NWPGC and Sembcorp’s wholly-owned subsidiary, Sembcorp Utilities. This sum would go towards funding the ongoing construction of the Sirajganj Unit 4 power plant," Sembcorp said.
The company noted that NWPGC plans to make further equity injection(s) by the end of this year, which will result in Sembcorp North-West Power Company being 71% owned by Sembcorp and 29% by NWPGC.
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