POWERGLOBE and DOHA BANK lead a strategic energy project of US$9.6bn in India (Gujarat)

IL&FS (IEDCL) Energy Development Company, POWERGLOBE LLC (Qatar Financial Centre) and DOHA BANK have signed the strategic business-cooperation in the field of LNG/NG supply, setting up the LNG storage & regasification facilities, marketing and distribution of regasified LNG/NG and setting up of Gas based Power generation facilities & trading of Electricity, as well as, related infrastructures projects. The total budget of the project in full development is close to US$ 9.6 billions.

Signing Ceremony, Doha Bank Headquarters in Qatar: (from the right to the left) Mr. Haziq Beg, Mr. C.K. Krishnan, Mr. Hari Sankaran, Dr. Theodore Theodoropoulos, Mr. Ameya Amel, Mr. Abdulla Al-Kuwari (Qatar Gulf News photo)

IEDCL is the largest state energy-infrastructure company in India. The company promoted by Infrastructure Leasing & Financial Services Limited, to identify, develop, implement, operate and maintain both conventional (coal based, hydro, gas based, etc.) and non-conventional (wind, tidal, bagasse, bio-gas, geothermal, solar, etc.) power projects through study/surveys and investigations, preparation of feasibility reports, environmental and resettlement and rehabilitation reports or such other reports as may be required, entering into project agreements with various agencies, entering into EPC and O&M agreements, arranging equity and debts funds to finance the projects. POWERGLOBE LLC is a Company licensed by the Qatar Financial Centre Authority (QFC No: 00364) and it powers under Article 11of the Qatar Financial Centre Law 7 of 2005 of the State of Qatar. As Qatari Group has plans for large-scale investments across India, especially in LNG infrastructure, Power and electricity. Notice, that POWERGLOBE LLC is managing US$3.6bn capital from stat- owned Qatari entities. The Company has recently expressed its strong interest for the acquisition (66%) of DESFA asset in SE Europe, in order to facilitate and achieve international energy diversification.

DOHA BANK has inaugurated in 1979, and it provides domestic and international banking services for individuals, commercial, corporate and institutional clients through four business groups – Wholesale Banking, Retail Banking, International Banking and Treasury & Investments. Doha Bank has established overseas branches in Kuwait, Dubai (UAE), Abu Dhabi (UAE), Mumbai and Kochi (India) as well as representative offices in Japan, China, Singapore, Hong Kong, South Africa, South Korea, Australia, Turkey, the United Kingdom, Canada, Germany, Bangladesh and Sharjah (UAE). Doha Bank is one of the largest bank groups in GCC and across Middle East and it is rated AA+ by Fitch and Moody’s.

Doha Bank is one of the largest commercial banks in the State of Qatar and has been consistently registering a strong growth during the last decade with participative leadership philosophy (Photo: Dr. Seetharaman, Dr. Theodore and DOHA BANK / POWERGLOBE Executives)

”Each Party has various interests in the Field, in the region of India and Asia in general, so the Parties wish to examine together potential opportunities, exploit the synergies and to cooperate in order for both of them to join their forces and efforts and to collaborate and mutually achieve their business goals and interests in the field so as to enable them to develop their businesses more effectively and to take advantage of the opportunities arising in the Field throughout the Asia region”, said Dr. Theodore Theodoropoulos, MD – Global Investments for GtPower Projects.

”In Particular, the Parties have to cooperate initially for the development and operation of an Integrated SEZ & Maritime Complex at Nana Layja / Kutch, Gujarat (including LNG/NG supply, setting up LNG import terminal, LNG storage and regasification units, NG infrastructure, industrial & downstream facilities, marketing & distribution of regasified LNG/NG and setting up gas based power generation facilities & electricity trading) in two (2) phases”, said Mr. Hari Sankaran, Chairman of IL@FS Energy Group.

Phase one of 2,000 MW gas based power project supported by a 2.5 MTPA LNG terminal (including two LNG storage tanks each of operating capacity 160,000CM) and phase two scale up power generation capacity to 10,000 MW and ramp up LNG terminal capacity from 2.5 MTPA to 5 MTPA. The project also will consists of gas pipelines, national grid facility operations, balancing stations, pumped storage facilities, and other downstream facilities.
”The development of an Integrated SEZ & Maritime Complex at Nana Layja / Kutch, Gujarat (incl. Gas based power plant, LNG import terminal and/or FSRU, storage and regasification units, NG infrastructure, industrial & downstream facilities, LNG/NG supply, marketing & distribution and power/electricity trading) will allow India and Kutch, Gujarat to have reliable power and gas to the various industrial sectors across the region”, said Dr. Seetharaman, CEO of DOHA BANK Group.

”The project will provide much needed reserve capacity to allow for India to redevelop and close its old and existing diesel and oil fired power plants at affordable power tariffs in a more efficient and clean process. It will also allow India processes, timeline to develop the project as well as the requirements for establishing a dedicated gas import network and support both by the government and the private sector”, said Mr. Haziq Beg, Chief Operating Officer of IL@FS Energy Group.
The project of total US$ 9.6 billions, shows many advantages including access to under construction 765KV high capacity transmission corridor (Green Corridor ) to connect with RE rich western region in Rajasthan, access to State/National Gas Grid, can serve the peaking requirement of Gujarat and other Western Region States of India and can supply power to any part of India.

Sources: QGN, Gulf Agency News, Reuters, Gulf Times, Gulf News, Bloomberg Middle East, BBC Business, CNN Energy.