GE, Mitsubishi, Summit to Invest in Bangladesh LNG, Power Project
Summit Corporation, the largest independent power producer in Bangladesh, July 11 said it would be investing $3bn in an LNG and power project in Bangladesh along with GE and Mitsubishi Corporation. This is in continuation with an earlier MoU signed in March for a joint venture with Mitsubishi.
As per the MoU signed by the three companies in Dhaka July 11, GE will be investing in equity and technology in the four 600-MW combined cycle power plants with a total capacity of 2.4 GW powered by GE’s 9HA gas turbines, two units of on-shore LNG terminal with total of 380,000 m³ capacity, oil terminals with 10,000 metric tons capacity and another 300 MW heavy fueloil power plant. Mitsubishi Corporation will be the partner for the complete integrated project, Summit said.
“In support of the government’s Vision 2021 and 2030, Summit is partnering with GE and Mitsubishi to bring in the largest private FDI to Bangladesh, best technology at world’s lowest tariff to meet increasing demand of people and businesses for energy and power," Muhammed Aziz Khan, chairman of Summit said.
Summit will be the majority owner of the project while Mitsubishi and GE will be owning the remaining. Work on the project is expected to kick off next year and finish in 2023. With implementation of this project in 2023, Summit said it will be doubling its generation capacity.
Banner image: From left : Mitsubishi Corporation’s senior vice president of infrastructure business division Tetsuji Nakagawa, Summit Group’s chairman Muhammed Aziz Khan and GE Power’s president & CEO Russell Stokes (Courtesy: Summit Group)