Summit invests $1 billion in power generation and LNG supply

Summit Power International has announced a $1 billion gas-to-power project and an offshore liquefied natural gas, or LNG import terminal.

The completion of the Meghnaghat II natural gas-based power plant will raise Summit’s generation capacity to more than 3,000MW, the company said in a statement.

Summit signed a memorandum of understanding to receive $50 million in equity from GE for power projects in Bangladesh and a 15-year charter party agreement with Excelerate Energy to provide gas for these projects.

Arrangements were formalised in Singapore on Friday in the presence of Summit Group Chairman Muhammed Aziz Khan, Bangladesh Bank Governor Fazle Kabir, Bangladesh Investment Development Authority Executive Chairman Kazi M Aminul Islam and other political and business leaders.

“We are delighted to announce these significant projects valued at over $1 billion over the next three years. The addition of these power projects is in line with our objective to grow our sustainable power capacity to empower nations and transform lives,” said Khan.

Summit Power is the largest private power producer in Bangladesh and controls 11.5 percent of the country’s market share. It runs 15 power plants with a total capacity of 1,500MW.