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Deals Signed To Generate 6150MW Electricity

Summit, Mitsubishi, GE to invest $3 billion in BD power sector

Published : Thursday, 12 July, 2018 at 12:00 AM  Count : 1089
Special correspondent
From left (Mitsubishi Corporation Senior Vice President Infrastructure Business Division Tetsuji Nakagawa, Summit Group Chairman Muhammed Aziz Khan and GE Power's President & CEO Russell Stokes signing a deal while the Prime Minister's Energy Affairs Adviser Tawfiq-e-Elahi Chowdhury and Energy State Minister Nasrul Hamid witnessing among others (standing behind) at Pan Pacific Sonargaon hotel, Dhaka on Wednesday.

From left (Mitsubishi Corporation Senior Vice President Infrastructure Business Division Tetsuji Nakagawa, Summit Group Chairman Muhammed Aziz Khan and GE Power's President & CEO Russell Stokes signing a deal while the Prime Minister's Energy Affairs Adviser Tawfiq-e-Elahi Chowdhury and Energy State Minister Nasrul Hamid witnessing among others (standing behind) at Pan Pacific Sonargaon hotel, Dhaka on Wednesday.

Bangladesh power sector on Wednesday signed three separate deals with US power giant General Electric Corporation to set up power plants in the country's march to bring everyone under power distribution network by 2021.
In the first deal Summit Group, Mitsubishi Corporation and GE Corporation announced a $3 billion investment package in a power project----the largest private foreign direct investment in the Bangladesh.
It was a follow up of previous Memorandum of Understanding (MoU) signed for a joint venture with Mitsubishi Corporation to implement a 2,400 MW combined cycle power plant and LNG terminal at Matarbari, under Cox's Bazar District.
Summit Group Chairman Muhammed Aziz Khan, Mitsubishi Corporation Senior Vice President of Infrastructure Business Division Tetsuji Nakagawa, GE Power President and CEO Russell Stokes signed an agreement in this regard at Panpacific Sonargaon hotel in Dhaka yesterday.
Summit Power formed in April last to become the first Bangladesh-based firm to list in the Singapore Exchange Ltd (SGX), as it seeks to raise funds to invest in assets across Asia.
However, under the MoU, subsidiary Summit Corp, group company Summit Holdings and the Japanese firms agreed to develop an integrated liquefied natural gas (LNG) onshore receiving terminal with regasification capacity of up to 1,500 million cubic feet per day (mmcfd) at Matarbari, Moheskhali, in the Bay of Bengal.
The Prime Minister's Energy Adviser Tawfiq-e-Elahi Chowdhury and State Minister for Power and Energy Nasrul Hamid witnessed the signing ceremony. Summit and Mitsubishi Corporation signed an MOU in Singapore in May 2018 in the presence of the Prime Minister Sheikh Hsina while on a visit to the city state.
"This is a time to congratulate the local entrepreneurs' for showing their capability to images their footprint in global market. You're the pathfinder, changes the private sector's means here," Energy Adviser Dr. Tawfiq-e-Elahi Chowdhury said.
He said: "I request the country's single largest independent power producer to bring more FDI and deep your feet here for promoting the livelihood of the country's people."
According to the plan, Summit will set up an environment-friendly power plant with a capacity of producing 2,400 megawatt of electricity. Summit, Mitsubishi and GE will have 50 per cent, 30 per cent and 20 per cent ownership in the plant respectively.
Energy State Minister Nasurl Hamid lauded Summit Power as the best company in Bangladesh and the largest independent power producer, representing about 21 percent of the country's private power market.
Meanwhile Bangladesh Power Development Board (BPDB) signed a MoU with GE to form a joint venture company to produce 3,600 MW of power from Liquefied Natural Gas (LNG) at Moheshkhali. The MoU was signed at Bidyut Bhaban.
"Under the MoU GE will install 3,600 MW power plant and a LNG Terminal at Moheshkhali under Cox's Bazar District," BPDB chairman Khaled Mahmood said at the signing ceremony.
It would be a 51:30 ratio, PDB to keep 51 per cent and GE 30 per cent of the company's share holder, however the rest amount would be given to any other third company as per discussion between BPDB and GE's Board, BPDB's official said.
The third deal was signed between GE and the BEXIMCO group to produce 150 MW of electricity in the country.






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