Summit ties up with GE, Excelerate for $1b energy projects

Summit Power International Pte Ltd, a Singapore incorporated power producer, has announced collaborations valued at $1 billion for power generation and offshore liquefied natural gas import terminal projects.

US firm GE and Summit entered into a memorandum of understanding for the former to potentially provide $50 million of equity to Summit, to be used for the development of power projects in Bangladesh.

Summit LNG Terminal Company (SLTC) also signed a floating storage and regasification unit (FSRU) time charter agreement for 15 years with Excelerate Energy LP.

The arrangements were formalised at a signing ceremony at the Fullerton Hotel in Singapore on Friday, according to a statement from Summit Group.

Kazi M Aminul Islam, executive chairman of Bangladesh Investment Development Authority; Abul Kalam Azad, chief coordinator for Sustainable Development Goals at the Prime Minister's Office; Fazle Kabir, governor of the Bangladesh Bank; Lim Hwee Hua, a former minister of Singapore; Satvinder Singh, assistant chief executive officer of International Enterprise Singapore, and Muhammed Aziz Khan, chairman of Summit Group, were present at the programme.

Faisal Khan, additional managing director of Summit Corporation, and Banmali Agrawala, president of GE South Asia, signed one initial agreement on behalf of the two parties.

Tariqur Rashid, managing director of SLTC, and Karlman Tham, general manager for Asia at Excelerate, signed another initial agreement.

International Finance Corporation, a member of the World Bank Group, has been engaged as the lead arranger to develop the Meghnaghat-II gas-based combined cycle power plant.

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

Speaking on the occasion, Aziz Khan said, “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.”

Agrawala said the MoU was 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.”