Summit Corporation said it will be investing approximately $3 billion in an LNG-to-power project in Bangladesh with GE and Mitsubishi Corporation.
This is in continuation of an earlier memorandum of understanding signed for a joint venture with Mitsubishi Corporation.
Summit said that GE will be investing in equity and technology in the four 600 MW each combined cycle power plants with a total capacity of 2,400 MW.
Mitsubishi Corporation will be the partner for the complete integrated project, that includes the power plants, two LNG storage tanks with a total capacity of 380,000 cubic meters, oil terminals with 100,000 million tons capacity and another 300 MW HFO-based power plant.
The LNG terminal will be using technology enabling no boil-off, utilizing all the gas for electricity generation, Summit said in its statement.
The investment is regarded as the largest private foreign direct investment in Bangladesh.
Summit Corporation, the largest independent power producer in Bangladesh, noted that the project development is planned to start in 2019 with the completion scheduled for 2023.