Bangladesh Bank grants loan waiver and LC approval to SS Power-1
The central bank has granted a waiver of nearly $3.2 million on a loan for SS Power-1 Limited, alongside permission to open new letters of credit. The decision was formalized through a notification issued on Wednesday by the banking regulation and policy department.
In a significant financial development announced on Wednesday, the central bank of Bangladesh has officially granted a substantial loan waiver alongside crucial operational permissions to SS Power-1 Limited, an enterprise backed by the S Alam Group. According to the official disclosures, the institution received a waiver amounting to approximately 3.2 million US dollars, specifically calculated as 31,97,561 dollars of remaining liabilities being completely forgiven. Alongside this financial relief, the regulatory authority also authorized the company to open new letters of credit, known commonly as LCs, to facilitate its ongoing business operations.
The formal directive regarding these sweeping financial accommodations was issued on Wednesday by the banking regulation and policy department-2 of the central bank. Official records confirm that the critical regulatory notification bears the signature of Deputy Governor Md. Kabir Ahmed, underscoring the high-level authorization behind the decision to ease financial constraints on the prominent energy enterprise.
SS Power-1 Limited is heavily invested in a major power generation facility located in Gandamara under the Banshkhali upazila of Chattogram. This prominent coal-fired power plant is operated through a collaborative joint venture involving the S Alam Group alongside two distinct corporate entities originating from China. The strategic partnership was formed to bolster the national energy grid through large-scale thermal power generation.
Operational milestones for the Banshkhali facility have progressed notably over recent years, following the commencement of its commercial electricity generation phase in September 2023. The massive energy installation boasts a total production capacity of 1,320 megawatts, designed to significantly contribute to the country's power supply network.
The infrastructure of the power plant is structurally divided into two primary operational units. Each of these individual units possesses a dedicated generation capacity of 660 megawatts, allowing the facility to operate flexibly and efficiently to meet the heavy industrial and domestic electricity demands of Bangladesh.
