Bangladesh’s Summit Group plans to invest $3 billion (€2.8 billion) in solar, wind and hydroelectricity generation projects in south Asia as a part of its clean energy push and efforts to diversify its fossil fuel-based business.
Summit Power International will build 1,000 megawatts of solar and wind energy projects with battery storage in India, group Chairman Aziz Khan.
Summit, which operates over a dozen fossil fuel-based power generation units and owns one of the country’s two floating storage and regasification unit (FSRU) to handle imports of liquefied natural gas (LNG), also plans to build 700 megawatts of hydropower plants in Bhutan and Nepal.
‘We have signed memorandums of understanding with large Indian companies. This will be the cheapest form of electricity for Bangladesh, cheaper than even natural gas-based power,’ Khan says.
Khan expects LNG prices to trend downwards as new supply comes on board, adding that he expects Summit’s second FSRU to start operations in April 2026.