JERA buys 22% stake in Bangladesh's Summit Power for $330m

JERA will get its hands on 1,941MW of Summit’s assets.

JERA bought a 22% stake in Bangladesh’s largest independent power producer (IPP) Summit Power International for $330m, an announcement revealed.

“This partnership will support our investment program of $3b by 2022 in Bangladesh,” said Summit founder chairman Muhammed Aziz Khan.

International Finance Corporation (IFC), IFC Emerging Asia Fund, and EMA Power, were shareholders of Summit since 2016 until now, and will exit through this transaction. However, IFC will continue to be a large lender to Summit.

Summit has a generating capacity of 1,941MW, about 583MW under construction and more than 3,000MW in the pipeline. It also owns and operates a Floating Storage and Regasification Unit (FSRU) vessel which supplies 500 million mmcfd of gas to Bangladesh.

JERA’s participation in the energy supply chain ranges from participation in LNG and other fuel resource projects and fuel procurement to fuel transportation to power generation.

Also Read

JCM Power-led consortium to build Pakistan’s first utility-scale wind-solar plant

Avaada to boost RE load to meet demand from India’s data centres

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