Summit's clarification on Bibiyana

Summit Power in a statement has clarified its position on its recent withdrawal from the Bibiyana first phase power project.
The private power producer said it had won the bid last year in a transparent manner and completed formalities such as signing of all project documents and contracts, development of site and sourcing of finance which has more than 250 million dollars from the World Bank Group institutions.
The funding has not been denied, noted Summit, the due diligence process is underway, albeit it is taking much longer than anticipated.
“Under the contracts with the government and Bangladesh Power Development Board [BPDB], Summit is to receive "easement right" to all the land and the lands must be registered in the name of BPDB, the lessee. Till date, lands have not been registered in the name of BPDB and the Power Grid Company of Bangladesh [PGCB] has not provided Summit an easement for 26 acres of land. The contracts allow day to day extension of the project for such inabilities. Thus Summit has been receiving day to day extension. Therefore, Summit has not failed in any form or manner,” mentioned the statement.
Summit in association with Wartsila and United in 1998 had built the country's first IPP in Khulna on schedule within nine months. The company has built all its projects on schedule including the Narayanganj 102MW plant, for which it has received global recognition as the fastest power project implementer.
The company is hopeful to implement Meghnaghat 335mw plant ahead of schedule. It expects to build all its projects with professionalism and on schedule as per the contract provisions.