Summit, GE, Excelerate Energy ink for power generation and LNG

Summit Power International Pte. Ltd., the Singapore incorporated power producer, announced collaboration with Excelerate Energy and GE, to develop a gas-to-power generation and an offshore liquefied natural gas (LNG) import terminal in Meghnaghat, Bangladesh.

IFC, a member of the World Bank Group, has been engaged as the lead arranger for financing to develop the Meghnaghat II natural gas based combined cycle power plant. Upon completion, Summit will have a total installed generating capacity of over 3,000MW.

Summit has entered into a Memorandum of Understanding (MOU) with GE, for the latter to potentially provide USD$50 Million of equity to Summit, to be used for the development of power projects in Bangladesh. In addition, GE Gas Power Systems will have rights to supply equipment for the power projects based on gas turbine technology and developed in the next 36 months by Summit.

To make gas available for these projects, Summit LNG Terminal Company (SLTC) will sign the FSRU Time Charter Party agreement for 15 years with Excelerate Energy L.P., the floating LNG specialist. The agreement is for the provision of one of Excelerate’s existing FSRUs.

Mr. Aziz Khan, Chairman of Summit Power International, said: “We are excited to begin working with Excelerate for the first time. As the partner of choice for global players in the region, we endeavor to become the leading provider of energy solutions in Asia and deliver sustainable long-term value to all our stakeholders.”

Mr. Banmali Agrawala, President & CEO, GE South Asia said: “The MoU is a step towards furthering GE’s strategic partnership with the Summit Group in the region. We will continue to evaluate collaborations that provide comprehensive energy solutions to Bangladesh, including in the form of technology, services, and financing.”