Divests 64% holding in Ace Alliance power Ltd.
Red tape and delays in releasing lands
The Aitken Spence group has completely exited its thermal power generation interests in Bangladesh totalling 200 MW due to delays in getting the projects into implementation. According to sources, Aitken Spence had sold off its 64 percent shareholding in Ace Alliance Power Ltd, which was to start construction on a 149 MW power plant in Gazipur to Summit Power Limited, which is credited as Bangladesh’s first independent
power producer.The power plant has a build, own, operate (BOT) model which lasts for 15 years after the start of commercial operations. The Bangladeshi state-owned company which was supposed to release its land for the project has so far refused to do so, causing delays.
Sources within Aitken Spence also confirmed that the group had exited the 54.5 MW project in Bhairab simultaneously. Aitken Spence received green light for the projects in 2011. Aitken Spence has a 100 Megawatt thermal power project in Sri Lanka, which was decommissioned last year, but was reconnected to the national grid this April during the first power crisis.
Many Sri Lankan power companies are now looking at Africa for growth.