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Summit Power—the country’s largest independent power producer—has closed its 24.30 MW gas-fired Madhabdi Power Plant Unit-2 from December 15 when the power purchase agreement (PPA) with the government expired.
As the PPA term is over, the plant is in shut-down condition from midnight of December 15, 2021, until further instruction from the Bangladesh Rural Electrification Board or Ministry of Power Energy and Mineral Resources for the operation of the Power Plant, said the company in a filing with the Dhaka Stock Exchange on Sunday.
The company had applied for an extension of the contract to the Power Division of the Ministry of Power, Energy and Mineral Resources on February 18, 2021, which is under active consideration, it said.
Summit Power earlier plans to set up a 200-megawatt solar power plant in the port city in order for a greener and sustainable solution to the country’s power sector.
In this regard, it submitted a proposal to Bangladesh Power Development Board, which is under consideration, and if approved, it would be Summit’s first solar power project, according to the company’s latest annual report.
Summit Power owns and operates 15 power plants in different locations across the country having a total installed capacity of 976 MW, accounting for 10 per cent of the total capacity of private sector power plants with 10,641 MW.
The total generation capacity has now been 1,578.38 MW of which Summit has direct/indirect association and it is around 6.25 per cent of the total capacity of the country with 25,235 MW.
On Sunday, its share price declined 2.26 per cent to Tk 38.90 on the DSE.
