Baraka Power Limited is a joint collaboration of local and a group of Non Resident Bangladeshi (NRB) entrepreneur. Baraka Power is the only private sector power generating company developed by a group of NRB investors. The company was incorporated in Bangladesh on 26 June 2007 as a Private Limited Company. On 25 September 2008 the Company was converted to Public Limited Company under the Companies Act 1994.
Baraka Power took part in the tendering process initiated by Bangladesh Power Development Board (BPDB) and wins the bid for implementing, generating & supplying electricity from a 51MW power plant at Fenchugonj, Sylhet for a period of 15 years on BOO basis and signed an agreement with Bangladesh Power Development Board on 28 April 2008. For project financing the company appointed Infrastructure Development Company Limited (IDCOL) as lead arranger to arrange syndicated loan for the project. Accordingly a syndication loan facility for Taka 125 crore could be arranged from 6 (six) financial institute.
The company arranges to procure 19 nos. of gen-sets from the world renowned GE Jenbacher, Austria and procure all other auxiliary equipments from reliable sources.
The 51MW Power Plant at Fenchugonj, Sylhet is successfully commissioned on 10 October 2009 and starting commercial operation from 24 October 2009.
The company was successfully listed on 16 May 2011 with both the stock exchanges and on 19 May 2011 trading of the shares of the company is started.
On 31 July 2011, Baraka Patenga Power Limited, a 51% subsidiary company of Baraka Power Limited, signed a Power Purchase Agreement (PPA) with Bangladesh Power Development Board (BPDB) to generate and supply of electricity of 50MW located at Patenga, Chittagong on Built-Own-Operate (BOO) basis for a term of 15 years.