Summit Bibiyana II Power Company Ltd, a subsidiary of Summit Group, was awarded as the best power generation project thursday, for exceeding its electricity production target, and doing so at the lowest tariff.
Summit Group Chairman Muhammed Aziz Khan received the award from President Abdul Hamid at the opening of the National Power Week 2015 at Bangabandhu International Conference Centre in the capital.
This is the third year in a row that a Summit Group subsidiary has received the award.
Summit Meghnaghat Power Company and Summit Purbanchol Power Company won the award in 2014 and 2013 respectively.
Located in Habiganj, Summit Bibiyana II is the country’s largest independent power producer in the private sector.
The 341-megawatt gas-fired combined cycle power plant is currently producing 380MW, exceeding the amount agreed in the contract with the government.
The extra amount — 39MW — is being supplied to the national grid free of tariff, the company said in a statement.
The power plant is offering the lowest tariff in the country, at a rate of Tk 1.90 per kilowatt/hour.
The company said the project is environment-friendly, fuel-efficient and compliant with the standards of the World Bank and other international lenders.
Summit Corporation owns 80 percent of Summit Bibiyana II, while the rest belongs to US conglomerate General Electric.
The project has been financed by Asian Development Bank, the International Finance Corporation, and the Islamic Development Bank, with total $210 million in loans.