IFC invests in new Summit Group funding vehicle for Bangladesh power

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IFC, IFC Emerging Asia Fund and EMA Power - a joint venture between Daelim Energy and Islamic Development Bank Infrastructure Fund I - have invested $175.5 million in Power International, a Singapore-based funding vehicle set up by Bangladeshi independent power producer Summit Group.

Power International will raise future rounds of funding from international investors through private and public markets. Proceeds will finance Summit’s future power projects in Bangladesh which include a 500 MW dual-fuel combined-cycle power plant and a 150 MW heavy fuel oil-based power plant.