Summit has closed Tk 1,190 crore, equivalent to $140 million, as long-term financing from Clifford Capital Pte Ltd of Singapore and Sumitomo Mitsui Banking Corporation, Japan’s second largest bank, for Summit Gazipur II Power Limited, said a press release.
Summit is the first independent power producer (IPP) to receive financing from international commercial institutions.
The financial closure was achieved on April 22 during the continued lockdowns in both Bangladesh and Singapore.
The Bangladesh Bank helped to process the various approvals during the lockdown period to facilitate the financing process while local banks like Bank Asia, The City Bank, Prime Bank and Mutual Trust Bank supported Summit through construction financing of Summit Gazipur II Power Limited.
Summit Gazipur II Power Limited is a joint venture of Summit Corporation Limited and Summit Power Limited which will supply power to the Bangladesh Power Development Board (BPDB) under a 15-year power purchase agreement with a long-term fuel supply agreement with Summit Oil & Shipping Co Ltd (SOSCL).
This project was implemented as a fast-track project only in nine-months and began commercial operations on May 10, 2018, and has since been supplying power to the grid.
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