IFC, IFC Emerging Asia Fund, and EMA Power Invest $175.5 million in Summit Group to Grow Bangladesh’s Power-Generation Capacity

Subscribe to our newsletter and get the latest news and business opportunities in your inbox
IFC, IFC Emerging Asia Fund, and EMA Power Invest $175.5 million in Summit Group to Grow Bangladesh’s Power-Generation Capacity

IFC, a member of the World Bank Group, IFC Emerging Asia Fund, an investment fund managed by IFC Asset Management Company (AMC), and EMA Power, a joint venture between Daelim Energy and Islamic Development Bank Infrastructure Fund II, have invested US$175.5 million to finance local independent power producer, Summit Group's future power projects in energy-scarce Bangladesh

Nearly a third of Bangladesh’s 160 million people do not have access to grid-connected electricity. This investment will enable Summit Group to install green-field electricity-generation plants, including a 500 MW dual-fuel combined-cycle power plant and a 150 MW heavy fuel oil-based power plant, to help address the country’s critical energy gap. 

Muhammed Aziz Khan, Chairman and Managing Director of Summit Group, said:

“The investment, via a newly set up Singapore company, Power International, is part of Summit Group’s plans for raising finance from international markets.  The sizable capital raised from the premier investor group, led by IFC, shows the commitment that these investors have towards Summit Group and Bangladesh.”   

Wendy Werner, IFC Country Manager for Bangladesh, Bhutan, and Nepal, said:

 “IFC, along with other co-investors, will help Summit Group add significant electricity-generation capacity to Bangladesh’s national grid. This is a positive signal to future developers and investors in the Bangladesh power sector.” 

Stephen Vineburg, Chairman of EMA Power, said:

 “We, along with IFC and IFC Emerging Asia Fund, are glad to support the leading independent power producer in the country to step up to a new level with enhanced access to international capital markets.”   

List of country news

Country news

  • August 22, 2016

    Sembcorp signs PPA for Sirajganj 4 power plant

    The Government of Bangladesh has signed two deals concerning the 414 MW dual-fuel (gas and high speed diesel, HSD) combined cycle power plant in Sirajganj. Read more
  • May 06, 2016

    Bangladesh approves 750 MW plant & FSRU based LNG terminal

    The Government of Bangladesh has recently announced that it has granted in-principle approval for the first phase of the 750 MW Liquefied Natural Gas (LNG) based power project and Floating Storage & Regasification Unit (FSRU) based LNG terminal, which will be built by Reliance Power in Bangladesh. Read more
  • March 01, 2016

    Financial close for 400MW Bibiyana-III Gas Based Combined Cycle Power Plant

    Marubeni Corporation is to construct the 400MW Bibiyana-III Gas Based Combined Cycle Power Plant in Bangladesh, for which the Japan Bank for International Cooperation signed a loan agreement. Read more
  • December 22, 2015

    MIGA-guaranteed financing for Sirajganj 2 power plant

    The Multilateral Investment Guarantee Agency (MIGA), the political risk insurance and credit enhancement arm of the World Bank Group, recently announced its backing of loans by Standard Chartered Bank and Siemens Bank GmbH to North-West Power Generation Company Limited, a state-owned power generation utility in Bangladesh. Read more
  • October 02, 2015

    SkyPower to invest in 2GW solar PV energy projects in Bangladesh

    SkyPower, the developer and owner of utility-scale solar projects, made a historic announcement unveiling its plans to build 2 GW of utility-scale solar energy over the next five years in Bangladesh, representing an investment of US $4.3 billion. Read more

Share this news

Join us

In order to get full access to News section, you must have a full subscription. You can check all the benefits of becoming a member and purchase a subscription on our membership page.