The joint venture by Japanese firm Eiki Shoji Company Ltd having 95.1% shares in the project and local firm Sun Solar Power Plant Ltd having 4.9% shares will set up the 5 MW plant in next 12 months
The government on Thursday signed a deal to buy power from a joint venture between a Japanese firm and its local partner to purchase 5 MW power from a grid-tied PV solar power plant project to be set up in Gwainghat, Sylhet.
The joint venture by Japanese firm Eiki Shoji Company Ltd having 95.1% shares in the project and local firm Sun Solar Power Plant Ltd having 4.9% shares will set up the 5 MW plant in next 12 months, reports UNB.
State-owned power Development Board (PDB) will purchase the electricity for over 20 years at tariff of US Cents 13.90 per kilowatt hour on a basis of “no electricity, no payment” agreement.
The Power Division will provide all necessary supports to implement the project.
PDB Secretary Mina Masud Uzzaman, Eiki Shoji, and Sun Power Managing Director Alauddin Mridha signed the power purchase agreement (PPA) on behalf of their respective sites while Power Division Joint Secretary Sheikh Faezul Amin signed the implementation agreement (IA) with the project sponsor firm.
Addressing the contract signing ceremony Power Division Secretary Dr Ahmed Kaikaus urged the joint venture firm to timely implement their project.
He said it has been a great frustration that in the last four years many renewable energy firms have signed contracts with the government, but “only one has been able to set up their plant. We don’t want to see such failure.”
He added that it creates problems for the government when any project fail to come into operation as per schedule. PDB Chairman Khaled Mahmood and CEO of the Eiki Shoji Company Yasushi Fuji also addressed the program.