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Summit, Mitsubishi, GE unveil $3billion energy investment in Bangladesh

The largest ever private investment in Bangladesh’s energy sector worth $3 billion around Tk 24,000 crore, is coming to facelift the country’s basic infrastructure.

Local Summit Group, Japanese Mitsubishi Corporation and US-based General Electric Company (GE) inked an initial agreement to this effect at a programme in Dhaka on Wednesday.

Tetsuji Nakagawa, Senior Vice-President of the infrastructure business division of Mitsubishi Corporation, Muhammed Aziz Khan, chairman of Summit Group, and Russell Stokes, President and CEO of GE Power, signed the agreement.

It has been official that Summit will be the majority owner of the integrated project.

GE will invest in equity and technology in the four 600MW-each combined cycle power plants with a total capacity of 2,400MW. Mitsubishi will be the partner for the complete integrated project, according to a statement of Summit Group.

With implementation of the project in 2023, Summit will be doubling its power generation capacity.

The combined cycle power plants will be powered by GE’s flagship 9HA gas turbines. The project includes two units of onshore LNG terminal with total capacity of 380,000-cubic metre, and oil terminals with 100,000 tonnes capacity-all to be located in Matarbari, Cox’s Bazar.

The location of the 300MW heavy fuel-based power plant hasn’t been finalised yet.

The project will be using world’s most efficient and environment-friendly technology. The LNG terminal will be using cutting-edge technology, so that there is no boil-off, utilising all the gas for electricity generation, said Aziz Khan at the signing ceremony.

He also said: “In support of the Government’s Vision 2021 and 2030, Summit is partnering with GE and Mitsubishi to bring in the largest private FDI to Bangladesh, best technology at world’s lowest tariff to meet increasing demand of people and businesses for energy and power.”

“GE Power is navigating customers through an energy transformation with a complete portfolio of fuel choices and innovative technology,” said Russell Stokes, President and CEO of GE Power. “In partnership with Summit Power, our HA technology enables unprecedented levels of efficiency to strengthen Bangladesh’s power generation.”

Nasrul Hamid, State Minister for Power, Energy and Mineral Resources, and Tawfiq-e-Elahi Chowdhury, Energy Adviser to the Prime Minister, were present at the signing ceremony.

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