Summit to invest $1b in power LNG

UNB . Dhaka | Update:

SummitSummit Power International Pte Ltd, the Singapore-incorporated power producer, on Friday announced collaborations to develop US$ $1 billion of gas-to-power generation and an offshore liquefied natural gas (LNG) import terminal in Bangladesh, says UNB.

IFC, a member of the World Bank Group, has been engaged as the lead arranger for financing to develop the Meghnaghat II natural gas based combined cycle power plant.

Upon completion, the Summit will have a total installed generating capacity of over 3,000MW.

To enable clean, sustainable power, the Summit will be chartering a floating storage and regasification unit (FSRU) from Excelerate Energy for LNG storage and regasification services.

GE, through GE Capital's Energy Financial Services, and Summit have entered into a Memorandum of Understanding (MOU) for GE to potentially provide US$50 million of equity to Summit, to be used for the development of power projects in Bangladesh, said the Summit Group.

In addition, GE Gas Power Systems will have rights to supply equipment for the power projects based on gas turbine technology and developed in the next 36 months by Summit.

"We are delighted to announce these significant projects valued at over US$1 billion over the next three years," chairman of Summit Power International Aziz Khan was quoted as saying in a statement.

He said the addition of these power projects is in line with their objective to grow sustainable power capacity to empower nations and transform lives.

President and CEO, GE South Asia 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."

IFC head of New Business Infrastructure and Natural Resources, Asia Pacific, Lubomir Varbanov said, "We value our engagement with Summit, and have been actively supporting the group's mission to bring sustainable long-term power solutions to Bangladesh."

General manager of Excelerate Karlman Tham said they are pleased to be partnering with Summit on this very important project. "We are confident our experience and expertise in FSRUs will ensure an efficient and reliable project for Bangladesh for the years to come."

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