International Finance Corporation (“IFC”) is considering up to US$ 110 million of debt financing for the construction of a greenfield 414 MW (net capacity) dual-fuel (gas and high speed diesel, “HSD”) combined cycle power plant to be located in Sirajganj, Bangladesh (“the Project”). The Project will be developed by a consortium of Sembcorp Utilities Pte. Ltd. (“Sembcorp Utilities” or “Sponsor”) and North West Power Generation Company Ltd. (“NWPGCL”) under a special purpose vehicle which will be established in Bangladesh for the sole purpose of developing and operating the Project (“Project Company”).

The 414MW power plant will include one Gas Turbine (GT) unit; one set of heat recovery steam generator; one steam turbine generating unit with associated auxiliary equipment; fuel gas transportation, compression and conditioning system; HSD system; cooling water system; and water treatment facility. A 230 kV substation connects the complex to the national transmission system and the 30” East-West gas pipeline crossing the Jamuna Bridge is located 1.6 km away from the site. .

Construction is targeted to start in the second quarter of 2016 and be completed in approximately 27 months, with combined cycle commercial operations targeted to commence by August 2018. A consortium of EPC contractors will be appointed to undertake the engineering, procurement and construction activities of the project.

The Operation and Maintenance of the project will be undertaken by the Project Company with the support of a long term service agreement for the GT with the manufacturer.

The Sirajganj site was developed as a major power generation complex in the north-west region of Bangladesh; NWPGCL is already operating a 225MW plant within the same complex and will shortly commence construction of another project there in early 2016. The Project will thus be the third power project to be located within the Sirajganj complex.