United Summit Power Co.

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United Summit Power Co. commenced commercial operation of three 11 MW gas-fired power plants located at Ashuila (Savar plant), Madhabdi (Narshingdi plant) and Chandina (Comilla plant), in October 2003. Power from each unit was to be sold to the Rural Electrification Board (REB) of Bangladesh under 15-year power purchase agreements, valid until September 2018. In 2000, the IFC approved US$ 3 million in equity and US$ 4 million in quasi-equity. The US ExIm, in turn, is providing a US$ 8 million loan to support the purchase of equipment and services from the US company Caterpillar Inc. Additional project loans were provided by Standard Chartered Bank and IPDC of Bangladesh Limited. In 2005, United Summit Power Co. began trading on the Dhaka Stock Exchange under the name Summit Power Limited, following an IPO in which the company issued 2 million ordinary shares to the general public. On June 28, 2005, Summit Power Limited signed agreements with the Rural Electrification Board and the Government of Bangladesh for the expansion of the Comilla plant by an additional 13.5 MW and the expansion of the Narshingdi plant by an additional 24.3 MW. These additional generation units commenced operations in November and December 2006, respectively, increasing Summit Power's combined generation capacity to 71 MW. On February 20, 2006, Summit Power Limited signed agreements with the Rural Electrification Board and the Government of Bangladesh for the expansion of the Savar plant by an additional 33.75 MW. In February 2007, Standard Chartered Bank arranged a Tk 125 crore (US$18.1 million) syndicated loan to finance this expansion. Participating lenders included BRAC Bank Limited, IFIC Bank Limited, Infrastructure Development Company Limited, Mutual Trust Bank Limited, National Bank Limited, National Credit & Commerce Bank Limited, One Bank Limited, The Premier Bank Limited, Saudi-Bangladesh Industrial & Agricultural Investment Company Limited, Standard Chartered Bank, State Bank of India and United Commercial Bank Limited. Summary: Ashulia Power Plant - expanded with 33.75MW (unit 2), from 11MW to 44.75MW. Lead arranger: Standard Charter. Debt provider: IDCOL (US$2.6 million, BDT 200 million) in February 2008. Narsingdi Power Plant - expanded with 24.3MW (unit 2), from 11MW to 35.3MW Comilla Power Platn - expanded with 13.5MW, from 11MW to 24.5MW Narsingdi and Commilla plants received a syndicated loan arranged by Standard Chartered Bank in 2006 of Taka 1,067,500,000 (US$13.7 million). The debt was syndicated to: Dutch Bangla Bank (Taka 280 million, US$3.6 million), Standard Chartered (Taka 300 million, US$3.85 million), The Premier Bank (Taka 117,5 million, US$1.51 million), Commercial Bank of Ceylon (Taka 210 million, US$2.7 million), Bank Al-Falah (Taka 160 million, US$2.05 million), and a combination of FMO and DEG (US$22.5 million, 4.5 year tenor, LIBOR+4%, secured with land and other fixed assets). P.S. Narsingdi is also refered to as Madhabdi. Comilla is also refered to as Chandina. http://www.idcol.org/news_detail.php?id=45