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IFC and Excelerate Energy Secure Financing for Bangladesh’s First Liquefied Natural Gas Project


IFC
Stevan Jackson
Phone: +1. 202-458-5054

Email:
sjackson@ifc.org


Excelerate Energy

Denise Madera
Phone. +1 832-813-7617

Email:
denise.madera@excelerateenergy.com    


Dhaka, Bangladesh, July 12, 2017– IFC, a member of the World Bank Group, and Excelerate Energy Bangladesh Limited (Excelerate) announced that they have secured debt financing to co-develop the Moheshkhali Floating Liquefied Natural Gas (LNG) project – Bangladesh’s first LNG import terminal. The project, which will cost $179.5 million, will expand access to clean energy in Bangladesh.

The LNG import terminal will provide the critical infrastructure required for the country to access natural gas from global markets and enable Petrobangla, the state-owned energy company, to increase natural gas supply in the country by up to 20 percent. This supply increase will support up to 3,000 MW of power generation capacity. The construction will begin in 2017 and the terminal is expected to be in service by mid-2018.  


As lead arranger for the project, IFC helped arrange the debt financing package of $125.7 million for the project, including IFC’s loan of $32.8 million from its own account and the balance from UK-led CDC Group, Germany’s DEG, Dutch-lead Entrepreneurial Development Bank (FMO) and Japan International Cooperation Agency (JICA).

“Our partnership with IFC has been essential to the development of this project,” stated Excelerate’s Chief Financial Officer Nick Bedford. “IFC has demonstrated its commitment to bringing new energy to Bangladesh with the execution of these agreements. Excelerate takes great pride in helping bring sustainable energy solutions to countries with high energy demand and we expect this project to have a great impact on the wider Bangladeshi economy.”


“IFC is committed to a sustained effort towards partnering Bangladesh in bringing reliable and affordable clean energy to all,” said IFC Regional Industry Head, Infrastructure and Natural Resources, Asia Pacific Hyun-Chan Cho.  “Addressing the issue of depleting gas supplies is critical for the country. We hope this first LNG import facility in Bangladesh will pave the way to expand support to the power sector and industry, promote growth and mitigate climate change impacts.”



About Excelerate Energy L.P.

Excelerate Energy L.P. is a pioneer and market leader in innovative floating LNG solutions. The company provides integrated services along the entire LNG value chain with the objective of delivering rapid-to-market and reliable LNG solutions to customers. Excelerate offers a full range of floating regasification services, from FSRU to infrastructure development to LNG supply. Headquartered in The Woodlands, Texas, Excelerate has a presence in Buenos Aires, Dubai, Rio de Janeiro, and Singapore. For more information, please visit
www.excelerateenergy.com.


About IFC

IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with more than 2,000 businesses worldwide, we use our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In FY16, we delivered a record $19 billion in long-term financing for developing countries, leveraging the power of the private sector to help end poverty and boost shared prosperity. For more information, visit
www.ifc.org.

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