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Largest-ever syndicated loan for power generation

Two Summit firms to get Tk 395.5cr

Star Business Report
Two power companies of Summit Group are to receive Tk 395.5 crore, the largest- ever amount under a syndicated term loan agreement in Bangladesh, to produce 110 megawatt (MW) of electricity from early next year.
The parties signed the deal at a city hotel yesterday.
The power companies are; Summit Uttaranchol Power Company Limited and Summit Purbanchol Power Company Limited, two subsidiaries of Summit Power.
Industrial and Infrastructure
Development Finance Company Limited (IIDFC) is the lead arranger of the loan with Infrastructure Development Company Limited (IDCL), Sonali Bank, BRAC Bank and BankAsia as co-arrangers.
Some 18 banks and nonbank financial institutions have participated in the syndicated term loan.
The loan has been granted to set up four power plants, three of which will generate 33 MW power each. And the fourth one will produce only 11 MWpower.
Sources said these companies would start generating power from March 2009.
More private sector people are coming up to invest in the country's power sector as it is facing severe power crisis for the past several years and the situation is getting acute during the summer season every year. Over 40 percent of the country's population still lives without electricity. Power outages are also causing serious' damage to the industries.
World Bank is also financing to raise Bangladesh's power generation capacity.
Because of old plants, Bangladesh on an average can produce only 3,200 MW of electricity, against an installed
capacity of 5,200 MW, according to energy ministry sources.
The country will have to produce about 13,000 MW in the next 20 years if it plans to become a middle-income country by raising economic growth to at least 10 percent from 6 percent now.
Meanwhile, Bangladesh also mulls to stop using natural gas for electricity generation after 2011, as it faces shortages of fossil fuel, another senior official said.
High officials from all the banks and financial institutions were present at the agreement signing ceremony.