Summit Receives USD 140 Million For Gazipur Power Plant
Dhaka, May 15 -- Summit has closed USD 140 Million (equivalent to BDT 1,190 Crore) as long-term financing from Clifford Capital Pte. Ltd. ("Clifford Capital") of Singapore and Sumitomo Mitsui Banking Corporation ("SMBC"), Japan's second largest bank for Summit Gazipur II Power Limited (300 MW). This is a milestone in Bangladesh's international investment and financing as Summit is the first Independent Power Producer (IPP) to receive financing from international commercial institutions. Previously most of the financing had come from development finance institutions (DFIs) such as DEG, FMO, IFC, ADB, IsDB, CDC, etc or had substantial portions in the financing mix .
The financial closure was achieved on April 22, 2020 during the continued ...
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