Supplement, Oil & Energy

UAE firm EMA with Energypac to invest $16m

Published : 18 May 2019 06:23 PM | Updated : 07 Sep 2020 11:46 AM

Energypac Power Venture Ltd (EVPL), a subsidiary of Energypac, has recently signed a joint-venture agreement with UAE-based EMA Power Investment, bringing in $16 million foreign direct investment into the country’s booming power sector. 

The EMA is a joint venture between South Korea’s Daelim Energy and IDB Infrastructure Fund II managed by ASMA Capital.

The investment is for implementing a 115 megawatt heavy fuel oil-fired power plant project at Thakurgaon. Daelim Energy will avail 49 percent stake of the project through the investment. The agreement will also facilitate several other power projects and enhance the capacity of Energypac, said a statement.

Furthermore, EPC (Engineering, Procurement & Construction) will also be undertaken by local talent from Energypac Power Generation Ltd (EPGL), under the supervision of Daelim Industrial, another leading Global EPC Contractor that has completed projects in over 40 countries. This will bring a multiplier effect on technology transfer and employment generation.

About the agreement, Humayun Rashid, Chairman of EVPL, said, "Incessant supply of power and energy is the prerequisite for the progress of an economy. The importance of energy is even more supplementary in the context of Bangladesh, an emerging economy that has been experiencing rapid growth but also has been experiencing a prolonged period of the energy crisis. So, we are pleased to sign this agreement to develop more power projects in Bangladesh."

Sangwoo (Sean) Kim, Vice Chairman and CEO of Daelim Energy & Daelim Industrial Co. and Mr. Humayun Rashid, Chairman of EVPL, along with Mr. Rezwanul Kabeer, Managing Director of EPV Thakurgaon Ltd. signed the agreement on behalf of their respective organizations.

Among others, top officials from Daelim Energy, ASMA Capital, EPVL and EPGL were also present at the ceremony.