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14 July, 2020 08:31:06 AM
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Summit Power wins two Asset Triple A Asia Infrastructure Awards

Staff Reporter, Dhaka
Summit Power wins two Asset Triple A Asia Infrastructure Awards

Project financing of Summit LNG and Summit Meghnaghat II Power Ltd, two subsidiaries of Summit Power International (SPI), received awards in the Best Deals of the Year in South Asia category at the Asset Triple A Asia Infrastructure Awards 2020.

Summit LNG Co Ltd won ‘Oil and Gas Deal of the Year’ award while Summit Meghnaghat II Power Ltd bagged ‘Power Deal of the Year’ award.

The Asset Triple A Awards are the pre-eminent recognition for those that have excelled in their respective industries.

In a statement issued on Monday, Summit Power International said with best deals on projects financing Summit is able to generate power and supply LNG to Bangladesh at a globally competitive rate. This is a big step ahead towards the commercial bankability of private sector infrastructure projects in Bangladesh.

Incorporated in Singapore, Summit Power International is the first and largest independent power producer (IPP) in Bangladesh with a generating capacity of 1,941 MW.  Recently Japan’s largest energy company JERA Co, Inc. (JERA), has acquired a 22 per cent stake in Summit Power International, the statement said.

Summit’s deal worth $97 million debt financing of Summit LNG Terminal Co Ltd received the ‘Oil and Gas Deal of the Year’.

Japan’s Sumitomo Mitsui Banking Corporation 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.

On the other hand, Summit Meghnaghat II Power Ltd (583MW), currently in its construction phase, won the ‘Power Deal of the Year award’ for securing a $350 million dual-tranche term loan facility.

 Summit Group and GE Capital were sponsors of the deal while Standard Chartered Bank and the International Finance Corporation were the co-lenders.

 Swiss SERV was the Export Credit Agency 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, which will generate equivalent electricity needed to supply up to 700,000 homes in Bangladesh, the statement added.

TH

 

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Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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