Baraka Patenga Power IPO News Dhaka Stock Exchange Limited fixed the bidding period for Eligible Investors to determine the cut-off price of shares of Baraka Patenga Power Limited through Electronic Subscription System (ESS) of the Exchange starting from 5:00 p.m. on February 22, 2021 (Monday) till 5:00 p.m. on February 25, 2021 (Thursday) round…
Baraka Patenga Power Limited (BPPL) was incorporated as Private Limited Company on June 07, 2011 of which 51% equity investment holds by Baraka Power Limited and converted as Public Limited Company on April 28, 2014.
In line with the success story of Baraka Power Limited, the group of Resident and Non Resident Bangladeshi (NRB) entrepreneurs have developed BPPL to implement 50 MW HFO fired IPP power plant at Patenga, Chittagong, awarded by Bangladesh power Development Board (BPDB) through tendering process. On July 31, 2011, BPPL signed the Power Purchase Agreement (PPA) with BPDB and Implementation Agreement with MPEMR to generate and supply 50 MW of electricity on Build, Own & Operate (BOO) basis for a term of 15 years. The principal activity of the Company is to set up power plants for generation and supply of electricity. The plant having capacity of 50 MW located at Patenga, Chittagong started its commercial operation on May 04, 2014.
The Plant has been operating by using 08 nos. of brand new Rolls Royce Engine having capacity of 6.984 MW each with total capacity of the plant is 55.872 MW since 2014. In addition, a cogeneration secondary power plant with capacity of 3.20 MW has been operating successfully throughout the year. The STG plant runs by heat recovery from 08 nos. of Rolls Royce gensets exhaust gas without burning any fuel and reduces the fuel cost by 6.40 % annually. For the first time in power sector, a Desulfurization plant has been introduced to the project to reduce sulfur emission at an acceptable low level.
The Project of BDT 4,150.00 million was financed through Bangladesh Bank IPFF project cell funded by the World Bank amounting USD 21.975 million and rest from local source financed by United Commercial Bank Limited, Trust Bank Limited & BRAC Bank Limited.
Furthermore, two of the Company’s subsidiaries, namely Karnaphuli Power Limited (KPL) and Baraka Shikalbaha Power Limited (BSPL) has already started Commercial Operation after implementing two HFO based IPP power plant having production capacity of 110 MW and 105 MW respectively. Baraka Patenga Power Limited holds 51% shareholdings of these subsidiary companies.