DHAKA: The government Monday signed a deal with a Spanish-Korean joint venture to build a 383-megawatt gas-based combined cycle power plant in Bibiyana of Habiganj with own finance.

The deal was signed between Power Development Board and Isolux Ingenieria SA of Spain and Samsung C&T Corporation of South Korea at the Bidyut Bhaban in the capital at noon.

State minister for power Nasrul Hamid attended the program as chief guest.

This is the first time state-run PDB is financing any project from its Maintenance and Development Fund.

The construction of the power plant will end by 24 months from the date of deal signing while cost will be Tk 1.13 for producing per unit electricity in this power plant.

The Spanish-Korean joint venture won the contract to build Bibiyana South as its engineering, procurement and construction contractor in July after the cabinet committee on purchase approved the construction of the gas-fired power project in South Bibiyana.

The Spanish-Korean joint venture bagged the project by beating two other bidders and making an offer of $288.28 million.

BDST: 1454 HRS, DEC 15, 2014