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Adani Power denies Bangladesh plans to renegotiate power deal amid disputes

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According to a Reuters report, Adani Power stated that it has no indication the Bangladesh government plans to review its 25-year power purchase agreement (PPA) with the company.  This follows earlier claims that Bangladesh is seeking to renegotiate terms to lower electricity prices or cancel the deal through legal means. The PPA, signed in 2017, involves Adani Power supplying electricity from a $2 billion coal-fired plant in eastern India.  The agreement is under investigation by…

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BPDB issues $173 million letter of credit to Adani Power

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The Bangladesh Power Development Board (BPDB) has issued a $173 million letter of credit (LC) to Adani Power Limited to maintain the electricity supply.  This LC follows Adani Power’s reduction of electricity deliveries by half due to unpaid dues totalling $843 million.  Issued by Bangladesh’s Krishi Bank, with ICICI Bank in India as the counterpart, this is BPDB’s third LC to address payment issues with Adani Power.