Summit gets $140m from abroad for building power plant

Clifford Capital Pte Ltd of Singapore and Sumitomo Mitsui Banking Corporation (SMBC) of Japan are set to provide long term financing of $140 million (Taka 11.90 billion) to Summit Power Ltd for 300 MW Summit Gazipur II Power Ltd.
This is a milestone in Bangladesh's international investment and financing as Summit is the first local Independent Power Producer (IPP) to receive financing from international commercial institutions, according to a press release said on Friday.
Previously most of the financing had come from development finance institutions such Deutsche Entrepreneurial Development Bank and international finance corporations Asian Development Bank, Islamic Development Bank (IsDB)and etc.
The financial closure was achieved on April 22, 2020 during the lockdowns in both Bangladesh and Singapore.
Bangladesh Bank has provided outstanding support by processing various approvals during this lockdown period to facilitate the financing process, said the release.
Chairman of Summit Group Muhammed Aziz Khan said in this connection, "In the midst of COVID-19 pandemic, to receive long-tenor low cost project finance from commercial lenders, shows Summit and Bangladesh's goodwill and reputation with the international community. We are grateful to our customers and financiers; and assure hard diligent work to progress."