Summit’s International Projects Financing confirm Bangladesh’s Commercial Bankability

Photo Caption: Project financing of two subsidiaries of SPI, Summit LNG and Summit Meghnaghat II Power were awarded as the “Best Deals of the Year in South Asia” by the Asset Triple A Asia Infrastructure Awards 2020 .

Project financing of two subsidiaries of Summit Power International (“SPI”) have received ‘Oil and Gas Deal of the Year’ and ‘Power Deal of the Year’ awards in the Best Deals in South Asia category at the Asset Triple A Asia Infrastructure Awards 2020. With best deals on projects financing Summit is able to generate power and supply LNG to Bangladesh at a globally competitive rate.

Summit’s deal worth US$97 million debt financing of Summit LNG Terminal Co Ltd (“SLNG”) received the ‘Oil and Gas Deal of the Year’. Japan’s Sumitomo Mitsui Banking Corporation (“SMBC”) was the mandated lead arranger. It is the first LNG transaction in Bangladesh that was funded on a non-recourse basis solely by an international commercial bank. This was a big step towards the commercial bankability of private sector infrastructure projects in Bangladesh.

In addition, Summit Meghnaghat II Power Ltd (583MW), currently in its construction phase, won the ‘Power Deal of the Year’ for securing a US$350 million dual-tranche term loan facility. Summit Group and GE Capital were sponsors of the deal while Standard Chartered Bank (“SCB”) and the International Finance Corporation (“IFC”) were the co-lenders. Swiss SERV was the Export Credit Agency (ECA) structuring and coordinator bank making this deal. It is the first and largest project financing deal backed by the Swiss ECA in Bangladesh in the Independent Power Producer (IPP) space. GE Gas Power is providing the turnkey solution for the power project, and is responsible for the design of the facility, supply and installation of the equipment and commissioning works. The combined-cycle power plant will be powered by GE’s record-setting and most efficient heavy-duty 9HA gas turbine, that will generate equivalent electricity needed to supply up to 700,000 homes in Bangladesh.

English Newspaper
The Financial Express, July 14, 2020
Daily Observer, July 14, 2020
The Business Standard, July 14, 2020
The Independent, July 14, 2020
Dhaka Tribune, July 14, 2020
Daily Sun, July 14, 2020
New Age, July 14, 2020
Bangladesh Post, July 15, 2020

Bengali Newspaper
Daily Samakal, July 14, 2020
Desh Rupantor, July 14, 2020
Daily Manabzamin, July 14, 2020
Daily Bonik Barta, July 15, 2020
Daily Ittefaq, July 14, 2020
Kaler Kantho, July 15, 2020
Daily Naya Diganta, July 15, 2020
Jai Jai Din, July 15, 2020

Online Portal
The Business Standard, July 14, 2020
Energy & Power, July 14, 2020
sunbd24.com, July 14, 2020
Biz Data Insight, July 14, 2020
Daily Bonik Barta, July 09, 2020

Social Media
Summit Power International (Facebook), July 13, 2020
Summit Power International (LinkedIn), July 13, 2020
Summit Power International (Twitter), July 13, 2020