IFC lead arranger for Meghnaghat II project in Bangladesh

In:

Traditional energy

Region:

Asia-Pacific

The International Finance Corporation will be the lead arranger for financing to develop the Meghnaghat II natural gas-fired combined cycle power plant in Bangladesh.

Independent power producer Summit Power International has announced that it will invest $1 billion in power generation and LNG supply projects in Bangladesh in the next three years.

The Meghnaghat II project will grow the company's portfolio capacity past the 3GW mark. Summit has also entered into a memorandum of understanding with GE to secure $50 million in equity from the American firm. Singapore incorporated Summit will use the funding to develop power projects in Bangladesh.

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