Summit Power raises $140m from Japanese bank amid Covid-19 crisis

The financing which took place across Singapore and Bangladesh concluded successfully despite lockdown

The country’s leading private business group, Summit Power International, has raised a fund of $140 million from a Japanese multinational bank amid the Covid-19 crisis.

Sumitomo Mitsui Banking Corporation granted the fund to “Summit Gazipur II 300 MW Power Plant” project under refinancing method, confirmed Summit officials.

This is the first of its kind financing to Summit by a big foreign bank.

When contacted, Summit Gazipur Power Limited Managing Director Md Mozammel Hossain did not give any details but confirmed the matter of financing.

Clifford Capital and Shearman & Sterling advised Tokyo-headquartered Sumitomo Mitsui Banking Corporation on the financing, reports the UK-based International Comparative Legal Guides.

The financing which took place across Singapore and Bangladesh concluded successfully despite lockdown.

“Summit Gazipur II 300 MW Power Plant” project was set up two years ago and has been in operation since May 10, 2018.

The furnace oil-based plant can generate 307 megawatts of power.

Summit Group has 20 power plants across the country with a combined capacity to generate 1,941 megawatts of power.