Summit Power receives two international awards

Summit Power International (SPI) received two international awards in the "Best Deal" category in South Asia at the Asset Triple A Asia Infrastructure Awards 2020 for Project financing of its two subsidiaries, Summit LNG and Summit Meghnaghat  II Power project.
SPI achieved this award for showing its time bound ability for the completion of these deals on projects financing which proved that it able to generate power and supply LNG to Bangladesh at a globally competitive rate.
Summit's deal worth US$97 million debt financing of Summit LNG Terminal Co Ltd ("SLNG") received the 'Oil and Gas Deal of the Year'. Japan's Sumitomo Mitsui Banking Corporation ("SMBC") was the mandated lead arranger. It is the first LNG transaction in Bangladesh that was funded on a non-recourse basis solely by an international commercial bank. This was a big step towards the commercial bankability of private sector infrastructure projects in Bangladesh, a release said.
In addition, Summit Meghnaghat II Power Ltd (583MW), currently in its construction phase, won the 'Power Deal of the Year' for securing a US$350 million dual-tranche term loan facility. Summit Group and GE Capital were sponsors of the deal while Standard Chartered Bank ("SCB") and the International Finance Corporation ("IFC") were the co-lenders.
Swiss SERV was the Export Credit Agency (ECA) structuring and coordinator bank making this deal. It is the first and largest project financing deal backed by the Swiss ECA in Bangladesh in the Independent Power Producer (IPP) space. GE Gas Power is providing the turnkey solution for the power project, and is responsible for the design of the facility, supply and installation of the equipment and commissioning works. The combined-cycle power plant will be powered by GE's record-setting and most efficient heavy-duty 9HA gas turbine, that will generate equivalent electricity needed to supply up to 700,000 homes in Bangladesh.