Summit Power International Limited (“Summit”) will lift its investment to US$ 3 billion in the country within next two years with joint investment by Japanese JERA, Mitsubishi Corporation and Taiyo Life Insurance Co .
The aim of the Summit group behind the investment is to install Japanese best technology at country’s thriving power sector as well led industry with the government.
Chairman Muhammed Aziz Khan expressed his vision for the plan stating, “Much needed technology and capital for Bangladesh’s fast growing power and energy market will be available from JERA with their vast knowledge and balance sheet. JERA by far could be our best partner. This partnership will support our investment program of USD 3 billion by 2022 in Bangladesh.”
Japan’s largest energy company JERA Co., Inc. (“JERA”), has acquired a 22% stake in Summit Power International Limited (“Summit”) for USD 330 million October last year.
Earlier Summit received equity investment in FSRU project from Mitsubishi Corporation.
Taiyo Life Insurance Co of Japan also provide support to another power project of the country.
Summit country’s first and largest independent power producer (IPP) with a generating capacity of 1,941 MW, a 583 MW under construction and more than 3,000 MW in the pipeline. Summit also operates a Floating Storage and Regasification Unit (FSRU) vessel and supplies 500 million cubic feet per day (mmcfd) of re-gasified gas to Bangladesh.
With an 8.13% GDP growth and a population of 170 million, the country need more than 40,000 MW of electricity by 2030 providing a tremendous growth opportunity. Summit Group’s Summit Power International is incorporated in Singapore. Summit Group’s other assets in Bangladesh include Summit Communications, the largest fibre optics network owners as well as Summit Alliance Port Limited (“SAPL”), the largest private sector port operations.