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Summit Power to list on Singapore Stock Exchange by 2018

  • Published at 07:56 pm June 20th, 2017
  • Last updated at 05:18 pm August 9th, 2017
Summit Power to list on Singapore Stock Exchange by 2018
Summit Power Group, Bangladesh's largest independent energy producer, is aiming to list on the Singapore Stock Exchange (SGX) by 2018. In line with their expansion plans, Summit Power Group wants to heighten their brand nationally and globally. Summit Power International (SPI) managing director Ayesha Aziz Khan said: "An SGX listing offers access to mature infrastructure, capital and resources, and provides us with access to business opportunities in South-east Asia to fund significant infrastructure capital needs. We plan to leverage its successful track record in powering Bangladesh to realise our global aspirations of transforming the economic and social landscape of Asia.” Summit Power established Bangladesh's first independent power plant in 1998, making it the leading independent power producer in the country. With 15 power plants and a total of installed generating capacity over 1,500 megawatts (MW), Summit Power represents 11.5% of the country's total market share of energy. Keeping in mind the country's current energy needs, Summit Power has identified "a strong pipeline of opportunities" which are expected to increase its share of installed capacity to 2,500 MW by 2020, Ayesha further said. Meghnaghat and Bibiyana II, the recently completed flagship projects by Summit Power, are among the largest power plants in Bangladesh. These cost over $600 million and were funded by multiple parties, including international financing organisations. They have a total gross capacity of over 650 MW. "Summit Power expects to double its generating capacity in the next five years. We have been awarded contracts in Bangladesh totalling 748 MW, which will commence in the next three years, including a 158 MW power plant in Kodda, Gazipur that is expected to start commercial operations in 2018," Ayesha added. Over the next 10 years, the company has a "further strong and visible pipeline of opportunities totalling over 4.2 GW," she further added. Because of these projects, Summit Power will have 15% expansion in its total market share of power generation in Bangladesh. Motivaed by its international counterparts, Summit Power stays at the forefront and works with leading international suppliers such as General Electric and Wärtsilä. The group also aims to expand overseas to Sri Lanka, Pakistan, Myanmar, Nepal and Indonesia. "We are committed to replicating the success we have achieved in Bangladesh in Sri Lanka, Myanmar, Vietnam and Indonesia. According to the Asian Development Bank, there are immense opportunities for infrastructure development in the region with infrastructure needs in Asia expected to exceed $1.7 trillion a year," she said.
The article was first published in businesstimes.com.sg