South Korea’s Hyundai Engineering and Daewoo International will sign an agreement with Ashuganj Power Station for the construction of a 225MW power plant in Bangladesh.

The plant, being built in Ashuganj, 90km north-east of the capital Dhaka, will supply power to the national grid.

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Ashuganj Power company secretary Mizanur Rahman said the project is built at an estimated cost of $180m.

Standard Chartered will provide 80% of the finance for the project, reports Bloomberg.