DHAKA, Oct. 7 (Xinhua) -- JERA Co Inc has acquired 22 percent of the outstanding shares of Summit Power International Limited (Summit Power), a power generation company in Bangladesh.
In a press release posted on its website on Monday, the largest Japanese energy company said Summit Power is a power generation company affiliated with the Summit Group, a major conglomerate in Bangladesh.
As the largest independent power producer in the country, Summit Power owns and operates power generation facilities that produce approximately 1.8 GW, representing about 12 percent of the Bangladesh's capacity.
The company is currently constructing power generation facilities with a capacity of approximately 590 MW and, with several new projects also being planned, significant growth is expected in the future.
Because the demand for electricity in Bangladesh is expected to grow rapidly with steady economic growth, JERA has positioned it as a priority country for investment, participating in a power generation project in Bangladesh for the first time in September of this year.
The new investment was made in accordance with the memorandum of understanding on the development of energy infrastructure projects in Bangladesh that was concluded between JERA and Summit Power in May 2019.