Energypac Power Venture, a subsidiary of Energypac, has recently signed a joint-venture agreement with UAE-based EMA Power Investment, bringing in $16 million foreign direct investment into the country’s booming power sector.

The EMA is a joint venture between South Korea’s Daelim Energy and IDB Infrastructure Fund II managed by ASMA Capital.

The investment is for implementing a 115 megawatt heavy fuel oil-fired power plant project at Thakurgaon. Daelim Energy will avail 49 percent stake of the project through the investment.

The agreement will also facilitate several other power projects and enhance the capacity of Energypac, said a statement yesterday.

Furthermore, engineering, procurement and construction will also be undertaken by Energypac Power Generation under the supervision of Daelim Industrial, bringing a multiplier effect on technology transfer and employment generation.