Summit Mezzanine

completed

Summit Corporation Limited (SCL, formerly Summit Industrial & Mercantile Corporation (Pvt.) Limited), established in 1985 in Bangladesh, is the core holding company of Summit Group’s power sector assets. SCL currently produces around 1,460MW of power, which is around 13% of the total power generation capacity of Bangladesh, making it the largest independent power producer in Bangladesh. As per the private sector power generation policy of Bangladesh, Summit sells electricity to the Bangladesh Power Development Board (BPDB) and Bangladesh Rural Electrification Board (BREB) only. SCL operates both gas based - reciprocating type and combined cycle and Heavy Fuel Oil (HFO) based power plants through its subsidiaries – turbine division and Summit Power Limited (SPL). The turbine division of SCL currently comprises two subsidiary companies namely i) Summit Bibiyana II Power Company Ltd. (SBIICL); and (iii) Summit Meghnaghat Power Company Ltd. (SMPCL). SMPCL has one dual fuel based 335 MW power plant operational since 2014 at Meghnaghat and SBIIPCL has commissioned a 341 MW gas based plant in 2015 at Hobibganj, Bibiyana.SPL which is a subsidiary of SCL is a holding company and comprises of five subsidiary companies including: (i) Summit Narayanganj Power Ltd. (SNPL), (ii) Summit Purbanchal Power Company Ltd. (SPPCL), (iii) Summit Uttaranchal Power Company Ltd. (SUPCL), (iv) Summit Narayanganj Power Unit II Ltd. (SNPUIIL); and (v) Summit Barisal Power Ltd. (SBPL). SPL also holds 17.64% of the ownership of Khulna Power Company Limited (KPCL) which has three HFO based power plants: (i) 110 MW (operational since 1998) at Goalpara, Khulna (ii) 115 MW (operational since 2011) at Goalpara, Khulna and (iii) 40 MW (operational since 2011) at Noapara, Jessore. SPL along with its subsidiaries owns and operates 08 (eight) power plants at different locations in Bangladesh having a total generation capacity of 317 MW and the current assets include: (i) three gas based power projects having capacity of 45 MW at Ashulia, 35 MW at Narsingdi and 25 MW at Comilla and operational since 2001, 2006 and 2007 respectively under SPL; (ii) gas based projects of 11 MW at Ullapara and 33 MW at Maona operational since 2009 under SUPCL, (iii) two gas based projects of 33 MW capacity each at Jangalia and Rupganj operational since 2009 under SPPCL; and (iv) 102 MW HFO based power plant at Madanganj operational since 2011under SNPL. Two new power plants are under construction with a total generation capacity of 165 MW: (i) 110 MW HFO based plant at Barisal for SBPL and (ii) 55 MW HFO based plant at Narayanganj by SNPUIIL. There are four proposed projects in the pipeline to be developed which include a 200 MW HFO plant at Chittagong, a 165 MW HFO plant at Gazipur, a 350 MW dual fuel (LNG/HFO plant) at Meghnaghat and a 660 MW LNG based plant at Anwara Chittagong.IFC is considering a convertible loan investment of up to US$170 million, from its own account, IFC’s Asset Management Company, and certain other potential co-investors, to a Singapore holding company to be established by the Khan Family, to help SCL meet its equity funding requirements for its future power projects in Bangladesh.