Bibiyana Power Project

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Bibiyana Power Project is a 341MW Combined Cycle Gas Power Plant operated by Summit Bibiyana II Power Company. The power plant is located near Parkul Village in the Bibiyana Gas field on the banks of the Kushiyara River. Summit Bibiyana II Power Company is an SPV owned by Summit Industrial and Mercantile Corporation (80%) and General Electric Energy (20%). A 22yr Power Purchased Agreement was awarded by the Bangladesh Power Development Board in 2011 through a competitive bidding process. Bibiyana Power Project is a Build Own Operate facility. Bangladesh Power Development Board is the sole offtaker. Summit Bibiyana II Power Company reached financial closure in April 2015. The Project is expected to cost 305m USD, of this 95m USD will be equity financed and 210m USD will be debt financed, with a debt equity ratio of 70:30. Of the proposed 90m USD equity 45m is to be provided by the Summit Group and 45m is to be provided by GE Electric. For the 210m USD debt financing, $ 80 million ( $ 75 million in debt and $ 5 million in equity) is provided by IFC, $ 75 million by ADB, and $ 60 million by IsDB. Bibiyana Power Project was expected to begin simple-cycle production during the first quarter of 2015 and combined-cycle production by the end of the year https://ijglobal.com/data/transaction/20624/bibiyana-power-ipp-341mw http://www.summitgroupbd.com/index.php?option=com_content&view=article&id=1574&Itemid=573 http://ifcextapps.ifc.org/ifcext/spiwebsite1.nsf/651aeb16abd09c1f8525797d006976ba/674f6b417b0d44e785257dd90060a463?opendocument http://www.adb.org/projects/44951-014/main?page-2=1#tabs-0-1 http://www.bpdb.gov.bd/bpdb/index.php?option=com_content&view=article&id=236&Itemid=113