Summit Power, IIDFC sign MoU for raising Tk 3.88b for small power plant projects
Wednesday, 8 August 2007
FE Report
IIDFC will act as the lead arranger for raising fund of BDT 3.88 billion for Summit Power Ltd through a debt instrument, namely, Zero Coupon Bond.
Summit Power Managing Director Tauhidul Islam and IIDFC Managing Director Mahmood Malik signed an MoU in this connection on behalf of their respective organisations.
IIDFC Chairman Md Matiul Islam, Summit Group Vice Chairman Farid Khan, Summit Power Ltd Director Ayesha Aziz Khan, Director Syed Fazlul Haque, Faisal Khan, Company Secretary Mahmud Hasan as well as IIDFC Head of Structured Finance Khondokar Shafiqur Rahman and Manager of Structured Finance ASM Arif were also present on the occasion.
Summit will set up a 110 MW power plant under the banner of Special Purpose Companies, owned by Summit Power Ltd.
The projects will be implemented against the recent BOO concessions awarded to Summit Group and its subsidiaries by the Power Cell of Ministry of Power, Energy and Mineral Resources.
Summit will procure 12 units of 20V34SG gas generator sets from Wartsila Corporation of Finland, one of the largest manufacturers of gas-based reciprocating engines in the world.
Each of the sets is capable of producing 8.73 megawatt (MW) electricity, totalling the capacity at 104.76 MW.
Wartsila will supply the generator sets and other auxiliary equipment at a cost of about euro 30 million equivalent to Bangladeshi Tk 3.0 billion (300 crore) approximately.
The equipment will be utilised to generate 100 MW electricity in three locations of Bangladesh - Maona in Gazipur, Rupganj in Narayanganj and Jangalia in Comilla .
A contract was inked between Summit and Wartsila in Vassa, Finland in this connection.
Summit group Chairman Muhammad Aziz Khan and Wartsila Finland Director (Sales) Alf Doctor signed the agreement on behalf of their respective organisations.
Summit hopes to implement these fast-track projects in the most expeditious way. The plants will provide quality electricity to about 50 million inhabitants of these areas and will also make the Palli Biddut Samitys (PBS) of the areas self-sufficient in electricity and more profitable.
The cost of electricity will be Taka 2.38 per kwh equivalent to US 3.44 cents per kwh being the lowest price offered.
IIDFC will act as the lead arranger for raising fund of BDT 3.88 billion for Summit Power Ltd through a debt instrument, namely, Zero Coupon Bond.
Summit Power Managing Director Tauhidul Islam and IIDFC Managing Director Mahmood Malik signed an MoU in this connection on behalf of their respective organisations.
IIDFC Chairman Md Matiul Islam, Summit Group Vice Chairman Farid Khan, Summit Power Ltd Director Ayesha Aziz Khan, Director Syed Fazlul Haque, Faisal Khan, Company Secretary Mahmud Hasan as well as IIDFC Head of Structured Finance Khondokar Shafiqur Rahman and Manager of Structured Finance ASM Arif were also present on the occasion.
Summit will set up a 110 MW power plant under the banner of Special Purpose Companies, owned by Summit Power Ltd.
The projects will be implemented against the recent BOO concessions awarded to Summit Group and its subsidiaries by the Power Cell of Ministry of Power, Energy and Mineral Resources.
Summit will procure 12 units of 20V34SG gas generator sets from Wartsila Corporation of Finland, one of the largest manufacturers of gas-based reciprocating engines in the world.
Each of the sets is capable of producing 8.73 megawatt (MW) electricity, totalling the capacity at 104.76 MW.
Wartsila will supply the generator sets and other auxiliary equipment at a cost of about euro 30 million equivalent to Bangladeshi Tk 3.0 billion (300 crore) approximately.
The equipment will be utilised to generate 100 MW electricity in three locations of Bangladesh - Maona in Gazipur, Rupganj in Narayanganj and Jangalia in Comilla .
A contract was inked between Summit and Wartsila in Vassa, Finland in this connection.
Summit group Chairman Muhammad Aziz Khan and Wartsila Finland Director (Sales) Alf Doctor signed the agreement on behalf of their respective organisations.
Summit hopes to implement these fast-track projects in the most expeditious way. The plants will provide quality electricity to about 50 million inhabitants of these areas and will also make the Palli Biddut Samitys (PBS) of the areas self-sufficient in electricity and more profitable.
The cost of electricity will be Taka 2.38 per kwh equivalent to US 3.44 cents per kwh being the lowest price offered.