Bangladesh's 335MW power project to get 120M loan from Germany

Summit Meghnaghat Power Company Ltd will receive a syndicated loan of $120 million to develop the 335-megawat Megh-naghat-2 power project in Narayanganj.

An agreement has been signed by the company with DEG (German Investment Corporation) for the loan, which will
carry an interest of LIBOR plus 4.5 percent repayable over 12 years, the company announced.

Ayesha Aziz Khan, finance director of Summit, and Florian Munkle, investment manager of DEG, signed the agreement in Cologne in Germany.

Aziz Khan said the total cost of the project has been estimated at $285 million, which is the single largest project ever built by any Bangladeshi company in the country. “The work has been going in full swing. We hope to add electricity to the national grid by August 2013,” he said.

Of the total cost, Summit Group hopes to borrow $50 million from Standard Chartered Bank and $30 million from state-run Infrastructure Development Company Ltd.

The local leading power company has paired with General Electric to set up the power plant, with the American business conglomerate is supplying gas turbine, the main equipment of the power plant.
Khan also said two Chinese companies -- CNEEC and NEPC -- are constructing the gas-fired combined cycle power plant.

For more.

Also Read

AMPIN Energy Transition achieves financial closure for 200MWp Rajasthan project

India’s solar scheme installs 385,000 units in first six months

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit