Summit, Mitsubishi, GE to sign power plant deal tomorrow

Summit, Mitsubishi Corporation and GE Corporation will soon sign a memorandum of understanding (MoU) for investment of $3 billion equivalent to Tk 240 billion in a power project tomorrow, Wednesday. 

They will set up what investors call environment-friendly power plant with a capacity of producing 2,400 megawatt of electricity.

The local investor, Summit will be own majority -- more than 50 per cent -- of the planned plant, said a press release on Tuesday. Mitsubishi will have up to 40 per cent and GE up to 20 per cent of it.

The project is expected to be completed by 2023 as investors hope to  start its commissioning in 2019.

The MoU will be signed by Muhammed Aziz Khan, chairman Summit Group, Russel Stokes, president of GE, power and energy, and Tetsuji Nakagawa, senior vice president of Mitsubishi Corporation.

The prime minister's energy adviser Tawfiq-e-Elahi Chowdhury and state minister for power and energy Nasrul Hamid are expected to be present at the signing ceremony soon.

Summit and Mitsubishi Corporation signed an MOU in Singapore in May 2018 in the presence of the prime minister.

Mitsubishi will take equity in the whole project including the on-shore LNG terminal, side by side with the power plant, according to the press release.