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Bangladesh signs deal with General Electric, Mitsubishi to invest $3 bln in energy

Reuters  |  DHAKA 

(Reuters) - and are forming a joint venture with a private power firm to set up a 2,400 megawatt (MW) thermal power plant and related and LNG terminals in an investment of $3 billion, the companies said on Wednesday.

The local firm, Summit, will hold 55 percent equity while Mitsubishi will take 25 percent and GE 20 percent.

The project involves four thermal units of 600 MW each, a 380,000 metre cubic capacity (LNG) terminal and terminals with 100,000 metric tons capacity.

The three firms signed a memorandum of understanding on Wednesday.

Muhammad Aziz Khan, chairman of the Summit Group, said the plan is to launch the project next year and complete it by 2023.

"The project will be using the world's most efficient and environment friendly technology," he said.

Nearly 30 percent of Bangladesh's population do not have access to

"We have joined in this tripartite agreement with the widest experience in infrastructure and energy," said Tetsuji Nakagawa, of Mitsubishi.

"In partnership with Summit Power, our enables unprecedented levels of efficiency to strengthen Bangladesh's power generation," Russell Stokes, of GE Power, said at a deal signing event in

(Reporting by Serajul Quadir; editing by and Jason Neely)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, July 11 2018. 18:31 IST