IPP to invest $1bn in Bangladeshi power and LNG projects
Summit Power International has announced that it will invest $1bn in power generation and LNG supply projects in Bangladesh in the next three years.
The independent power producer (IPP) will develop a gas-to-power generation facility and an offshore liquefied natural gas (LNG) import terminal.
The company will also complete the Meghnaghat II natural gas-fired combined cycle power plant which will grow the company’s portfolio capacity past the 3GW mark.
IFC, a member of the World Bank Group has agreed to be the lead arranger for financing to develop the Meghnaghat II power plant.
Summit has also entered into a memorandum of understanding (MoU) with GE to secure $50m in equity from the American firm. The Singapore incorporated power producer intends to use the funding to develop power projects in Bangladesh.
GE South Asia president & CEO Banmali Agrawala said: “The MoU is a step towards furthering GE’s strategic partnership with the Summit Group in the region.
“We will continue to evaluate collaborations that provide comprehensive energy solutions to Bangladesh, including in the form of technology, services, and financing.”