The largest ever private investment in Bangladesh’s power and energy sectors worth US $3 billion – around Tk 24,000 crore – is coming to facelift the country’s basic infrastructure.

Local Summit Group, Japanese Mitsubishi Corporation and US-based General Electric Company inked an initial agreement to this effect at a programme in Dhaka city today.

Tetsuji Nakagawa, senior vice-president of the infrastructure business division of Mitsubishi Corporation, Muhammed Aziz Khan, chairman of Summit Group, and Russell Stokes, president and CEO of GE Power, inked the agreement.

It has been official that Summit will be the majority owner of the integrated project.

GE will invest in equity and technology in the four 600MW-each combined cycle power plants with a total capacity of 2,400MW. Mitsubishi will be the partner for the complete integrated project, according to a statement of Summit Group.

With implementation of the project in 2023, Summit will be doubling its power generation capacity.

The combined cycle power plants will be powered by GE’s flagship 9HA gas turbines. The project includes two units of onshore LNG terminal with total capacity of 380,000-cubic metre, and oil terminals with 100,000 tonnes capacity – all to be located in Matarbari, Cox’s Bazar.

The location of the 300MW heavy fuel-based power plant hasn’t been finalised yet.

The project will be using world’s most efficient and environment-friendly technology. The LNG terminal will be using cutting-edge technology so that there is no boil-off, utilising all the gas for electricity generation, said Khan at the signing ceremony.

Nasrul Hamid, state minister for power, energy and mineral resources, and Tawfiq-e-Elahi Chowdhury, energy adviser to the prime minister, were present at the signing ceremony.