JERA invests US$330 million to buy 22% stake in Summit

In a move to establish major energy infrastructure, including power generation projects in Bangladesh, JERA Co., has acquired a 22% stake in Summit Power International Limited for US$330 million.

Summit is the largest independent power producer (IPP) in fast growing Bangladesh. The investment has been finalized within only four months of signing the memorandum of understanding (MoU) between JERA and Summit in Tokyo.

IFC, IFC Emerging Asia Fund, and EMA Power, were shareholders of Summit since 2016 until now, and will exit through this transaction. However, IFC will continue to be a large lender to Summit.