Summit’s International Projects Financing confirm Bangladesh’s Commercial Bankability

Sunbd Desk || Published: 2020-07-13 12:39:57 || Updated: 2020-07-13 12:41:45

Project financing of two subsidiaries of Summit Power International (“SPI”) 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. With best deals on projects financing Summit is able to generate power and supply LNG to Bangladesh at a globally competitive rate.

Summit’s deal worth US$97 million debt financing of Summit LNG Terminal Co Ltd (“SLNG”) received the ‘Oil and Gas Deal of the Year’. Japan’s Sumitomo Mitsui Banking Corporation (“SMBC”) 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.

In addition, Summit Meghnaghat II Power Ltd (583MW), currently in its construction phase, won the ‘Power Deal of the Year’ for securing a US$350 million dual-tranche term loan facility. Summit Group and GE Capital were sponsors of the deal while Standard Chartered Bank (“SCB”) and the International Finance Corporation (“IFC”) were the co-lenders. Swiss SERV was the Export Credit Agency (ECA) 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 (IPP) space. 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 record-setting and most efficient heavy-duty 9HA gas turbine, that will generate equivalent electricity needed to supply up to 700,000 homes in Bangladesh.

About Summit:
Incorporated in Singapore, Summit Power International (“SPI”) is the first and largest independent power producer (IPP) in Bangladesh with a generating capacity of 1,941 MW. Recently Japan’s largest energy company JERA Co., Inc. (“JERA”), has acquired a 22% stake in Summit Power International. For more information, visit www.summitpowerinternational.com

About Asset Triple A Infrastructure Awards 2020:
The Asset Triple A Awards are the pre-eminent recognition for those that have excelled in their respective industry. With over two decades of experience conducting awards programmes, The Asset Triple A Awards have expanded year-on-year, reflecting unparalleled industry understanding to be able to distinguish best-in-class organisations. For more information, visit https://www.theasset.com/

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