IFC, EMA Power invest $176m in Bangladesh's Summit

Summit will use the new capital to build a series of greenfield power plants aimed at the more than 40 million people in Bangladesh who do not have access to electricity, according to a release. The projects will add about 715 megawatts of generating capacity to the country's grid, mostly from a 500 MW dual-fuel plant and a 150 MW oil-fired plant.

IFC's commitment comes from its own account as well as from the IFC Emerging Asia Fund, a vehicle that invests third-party capital managed by IFC. The investment is intended to facilitate job creation, encourage further third-party activity in Bangladesh's energy sector and demonstrate the ability of Bangladeshi assets to attract international capital.

SCL is a unit of the Summit Group, a local conglomerate founded in 1972 with assets in energy, trading, logistics, telecommunications and real estate. IFC has financed several of SCL's power projects, most recently the Bibiyana II combined cycle plant last year.

IFC is also involved in Bangladesh as an LP, having invested $20 million in Brummer & Partners' Frontier Bangladesh II fund in 2014. The group also supported that fund's predecessor, an $88 million vehicle that launched in 2009 and was the first dedicated Bangladesh private equity fund.

EMA Power is a joint venture between Daelim Energy and the Islamic Development Bank's (IDB) Infrastructure Fund II. It was founded earlier this year to invest and manage power assets in IDB member countries.

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• Topics
• South Asia
• Infrastructure
• Infrastructure
• Infrastructure
• Bangladesh
• energy
• IFC