Project financing of two subsidiaries of Summit Power International have received oil and gas deal of the year and power deal of the year awards in the best deals in South Asia category at the Asset Triple A Asia Infrastructure Awards 2020, said a press release.
With the best deals on project financing, Summit is able to generate power and supply LNG to Bangladesh at a globally competitive rate.
Summit’s deal worth $97 million debt financing of Summit LNG Terminal Co Ltd received the Oil and Gas Deal of the Year award.
Japan’s Sumitomo Mitsui Banking Corporation was the mandated lead arranger.
It is the first LNG transaction in Bangladesh that was funded on a non-recourse basis solely by an international commercial bank.
This was a big step towards the commercial bankability of private sector infrastructure projects in Bangladesh.
Summit Meghnaghat II Power Ltd (583MW), currently in its construction phase, won the Power Deal of the Year award for securing a $350-million dual-tranche term loan facility.
Summit Group and GE Capital were sponsors of the deal while Standard Chartered Bank and the International Finance Corporation were the co-lenders.
Swiss SERV was the Export Credit Agency structuring and coordinator bank making this deal.
It is the first and largest project financing deal backed by the Swiss ECA in Bangladesh in the Independent Power Producer arena.
GE Gas Power is providing the turnkey solution for the power project, and is responsible for the design of the facility, supply and installation of the equipment and commissioning works.
The combined-cycle power plant will be powered by GE’s heavyduty 9HA gas turbine that will generate electricity needed to supply up to 7,00,000 homes in Bangladesh.
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