Summit-GE consortium signs project agreements for the largest 583 MW CCPP in Bangladesh

Photo Caption: Summit Meghnaghat II Power Company Limited (SMIIPCL), a subsidiary of Summit Group signed power purchase agreement (PPA) with Bangladesh Power Development Board (BPDB) for 22 years.

DHAKA, BANGLADESH, March 14, 2019:

∎ Adhering to its commitment of providing reliable and affordable electricity to Bangladesh, Summit Meghnaghat II Power Company Limited (SMIIPCL), a subsidiary of Summit Group signed power purchase agreement (PPA) with Bangladesh Power Development Board (BPDB) for 22 years, Land Lease Agreement (LLA) with BPDB, Gas Supply Agreement (GSA) with Titas Gas Transmission and Distribution Co Ltd (Titas), Fuel Supply Agreement (FSA) with the Bangladesh Petroleum Corporation (BPC) and Implementation Agreement (IA) with Power Grid Company of Bangladesh (PGCB) and the Government of Bangladesh. Summit and GE had formed a consortium to set-up SMIIPCL.

∎ This upcoming SMIIPCL -- 583 MW combined cycle power plant (CCPP) in Meghnaghat, is expected to be operational by March 2022 at the lowest cost of BDT 2.176 per kWh at current gas prices.

∎ When commissioned in 2022, SMIIPCL is expected to be the largest combined cycle gas power plant (CCPP) in Bangladesh, generating the equivalent electricity needed to supply up to 700,000 homes in Bangladesh.

∎ As per Summit’s commitment to bringing advanced technology to Bangladesh’s power sector it has chosen the world’s largest and most efficient heavy-duty gas turbine GE’s 9HA fleet to equip SMIIPCL with an efficiency of 63% at ISO condition.

∎ Summit awarded GE the EPC contract on turnkey basis as well as the maintenance and repair services for key power generation equipment at approximately USD 390 Million.

“The phenomenal growth of Bangladesh in the last decade has established Bangladesh as a role model. Summit is proud to have played a role in it. With today’s 583 MW project, Summit embarks upon investing four billion dollars in the next 5 years to eradicate poverty, create employment and support Bangladesh to achieve SDGs.” said Muhammed Aziz Khan, Founder Chairman of Summit Group.

Summit implemented Bangladesh’s first IPP of 114 MW in 1998 and over the period has increased its installed capacity close to 2,000 MW reflecting 21% of Bangladesh’s total private installed capacity and 9% of Bangladesh’s total capacity in 2017. Summit’s relationship with GE dates back more than a decade, with GE’s 9E and 9F gas turbines currently powering Summit’s 335 MW Meghnaghat I and 341 MW Bibiyana combined cycle power plants, respectively.

“Bangladesh’s power sector is undergoing a transformational shift as the Government takes conducive policy decisions and actions to meet the targeted 40 GW of installed power capacity by 2030,” said Deepesh Nanda, CEO, Gas Power Systems, GE South Asia. “GE’s long-term association with Summit is a testimony to our efforts to support this transformation by introducing advanced, innovative solutions into Bangladesh’s energy ecosystem. This will contribute towards providing uninterrupted access to electricity to all, benefiting households, businesses and industries across the country.” he added.

The Honourable Adviser to the Prime Minister of Bangladesh on Energy, Power and Mineral Resources Dr. Tawfiq-e-Elahi Chowdhury, BB graced the event as the Chief Guest along with H.E. Earl R. Miller, Ambassador of the United States of America to Bangladesh, Dr. Ahmad Kaikaus, Senior Secretary, Power Division, Abu Hena Md Rahmatul Muneem, Secretary, Energy and Mineral Resources Division, Ruhul Amin, Chairman, Petrobangla, Khaled Mahmood, Chairman, Bangladesh Power Development Board and John Rice, Chairman of Gas Power, GE were present as Special Guests.

About Summit:
Summit is the largest independent power producer (IPP), generating around 2 gigawatts (GW) for the national grid and is also the largest infrastructure conglomerate in Bangladesh. Summit is also implementing a Floating Storage and Regasification Unit (FSRU) off the coast of Moheshkhali, Cox’s Bazar with storage capacity of 138,000 m³ and regasification capacity of 500 mmcfd. This is expected to be commissioned by mid-April 2019, ahead of contracted schedule. In addition to this Summit, Mitsubishi and GE have planned to invest USD 3 Billion in Bangladesh for the proposed gas-to-power project including four units of 600 MW combined cycle power plants (total generating capacity of 2,400 MW) powered by GE’s flagship 9HA gas turbines, two units of on-shore LNG terminal with total of 380,000 m³ capacity at Matarbari, Moheshkhali.

For more information please visit www.summitpowerinternational.com, and follow Summit on Twitter and on LinkedIn.

Contacts:
Mohsena Hassan
Summit Corporation Limited
+88 01713081905
mohsena.hassan@summit-centre.com

About GE Power:
GE Power (NYSE: GE) is a world energy leader providing equipment, solutions and services across the energy value chain from generation to consumption. Operating in more than 180 countries, our technology produces a third of the world’s electricity, equips 90 percent of power transmission utilities worldwide, and our software manages more than forty percent of the world’s energy. Through relentless innovation and continuous partnership with our customers, we are developing the energy technologies of the future and improving the power networks we depend on today. For more information please visit www.ge.com/power, and follow GE Power on Twitter and on LinkedIn.

Contacts:
Tarun Nagrani
GE South Asia
+91 124 4906760
Tarun.nagrani@ge.com