Summit Meghnaghat repays $190m in foreign loans on schedule
DEG, acting as the agent for the DFIs, confirmed in a letter dated 30 October that the repayment was completed "according to schedule" and that SMPCL "has complied with its obligations to the satisfaction of the DFI Facility Lenders"
Summit Meghnaghat Power Company Limited (SMPCL), a subsidiary of Summit Power International, has successfully repaid its entire syndicated foreign project loan of $190 million to a consortium of international lenders.
The full repayment, completed by 15 October, without any delay since the plant's commissioning, has been hailed by Summit as a major milestone that enhances Bangladesh's reputation as a reliable global partner in infrastructure finance.
The syndicated long-term loan was financed by a group of leading international Development Finance Institutions (DFIs), including Standard Chartered Bank (UK), DEG (Germany), FMO (Netherlands), OPEC Fund for International Development (Austria), and British International Investment (UK), along with Bangladesh's Infrastructure Development Company Limited (IDCOL).
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The facility was contracted at interest rates ranging from 7.28% to 7.58%.
DEG, acting as the agent for the DFIs, confirmed in a letter dated 30 October that the repayment was completed "according to schedule" and that SMPCL "has complied with its obligations to the satisfaction of the DFI Facility Lenders".
Muhammed Aziz Khan, chairman of Summit Group, underscored the significance of the achievement.
"This successful repayment reflects Summit's unwavering commitment to transparency, operational excellence, and responsible partnership with international lenders," he said. "It also demonstrates Bangladesh's growing capacity to manage large-scale, internationally financed projects with integrity and professionalism."
The 335MW/305MW dual-fuel Summit Meghnaghat Combined-Cycle Power Plant in Narayanganj uses advanced General Electric technology.
Summit noted that by securing foreign financing instead of relying on domestic borrowing, the company was able to reduce financing costs and extend repayment terms. It said this strategy injected valuable foreign capital into the national economy, helping to ease pressure on local banks and supporting overall macroeconomic stability.
Summit also expressed gratitude to its engineers and professionals who have ensured reliable and efficient plant operations over the past decade.
