The Corporate Finance Unit of IDLC of Bangladesh Ltd, a leading multi-product financial institution, has syndicated a term loan of Tk 950 million for Westmont Power (Bangladesh) Ltd’s 50 MW power project.

The loan has been extended by a consortium with Janata Bank as the lead bank and others such as Sonali Bank, Pubali Bank, IIDFC, The City Bank and Bank Asia. An agreement with regards to the term loan was signed by Westmont Power and the financiers of the project on 13 August 2002.

The project for which the loan would be used, is a combined cycle barge of 50 MW, which would operate on the exhaust gas of the existing simple cycle barge. The proposed project would help to partly ease the power crisis situation in Bangladesh.

Westmont Power has been operating a simple cycle barge of 90 MW at Baghabari, Sirajganj and supplying electricity to the national grid over the last 3 years.