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

Staff Correspondent | Updated at 03:37am on July 12, 2018


Representatives of Summit Corporation, General Electric Company of the US and Mitsubishi Corporation of Japan in Dhaka on Wednesday sign a deal to invest $3 billion in private power sector of Bangladesh. — New Age photo

Bangladesh-based independent power producer Summit Corporation Limited along with Mitsubishi Corporation and General Electric Company on Wednesday announced a $3 billion foreign direct investment for the establishment of four combined cycle power plants in Bangladesh.
Each power plant with 600MW generation capacity would start power generation by 2023, according to a memorandum of understanding signed between the respective parties at a city hotel.
The event was held in continuation with an earlier memorandum signed on March 13 in presence of prime minister Sheikh Hasina during her visit to Singapore.
At Wednesday’s event, prime minister’s energy adviser Tawfiq-e-Elahi Chowdhury said that completion of the projects would help
to bring almost all the households under power supply coverage by 2024.
State minister for power, energy and mineral resources Nasrul Hamid said that Bangladesh needed more private investment to raise the power generation capacity to 60,000MW.
Summit chairman Muhammad Aziz Khan claimed that the project would facilitate best
technology at world’s lowest tariff to meet increasing demand of power
supply for people and businesses.
General Electric Company president and chief executive officer Russel Stokes said that GE’s 9HA gas turbines would ensure high levels of efficiency to strengthen Bangladesh’s power generation.
Power division secretary Ahmad Kaikaus, energy and mineral resources division secretary Abu Hena Rahmatul Muneem, Bangladesh Power Development Board chairman Khaled Mahmood, among others, were present.
Later at Bidyut Bhaban, another memorandum was signed between Bangladesh Power Development Board and General Electric Company for the installation of 3600MW LNG-based power plant at Maheshkhali in Cox’s Bazar.
Khaled Mahmood and Russel Stokes signed the memorandum for the project that would cost $4.4 billion.