Summit Group’s transformation from a domestic Bangladeshi conglomerate to a regional energy player stems from its approach to international partnerships. The company’s collaborations with Japanese giants Mitsubishi Corporation and JERA Co. Inc. illustrate how emerging market infrastructure companies can leverage global expertise to improve the quality of local operations.
This partnership model has proven particularly relevant for Bangladesh’s remarkable electricity transformation. According to World Bank data, the country’s electricity access expanded dramatically over three decades, growing from approximately 20% of the population in the mid-1990s to near-universal coverage today. Achieving this scale of infrastructure development required substantial private sector investment and international expertise.
Summit Group’s Partnership Structure
The partnership structure began taking shape when Summit Power International, the group’s Singapore-based entity, attracted investment from the International Finance Corporation in 2016. The IFC’s $175.5 million investment validated Summit’s governance standards and opened doors to tier-one international investors. JERA’s subsequent acquisition of a 22% stake in Summit Power International for $330 million in 2019 marked a watershed moment for Bangladesh’s private power sector.
“One of the reasons that we did this structure — and IFC helped us to do this structure — is really to help us access the governance of Singapore, the laws of Singapore, and the financial markets of Singapore,” says Ayesha Khan, managing director and CEO of Summit Power International. “What Bangladesh has is a lot of opportunities and a lot of growth. But what it lacks is governance, and what it lacks is a mature financial market, both of which are very much necessary to do long-term infrastructure projects, which is what we want to do for Bangladesh.”
“There are at least 18 independent power producer players in Bangladesh. None of them have this combination that we have,” she continues. “That is something we’ve worked hard on.”
Meanwhile, JERA, Japan’s largest power generation company formed from the merger of Tokyo Electric and Chubu Electric’s fuel and thermal generation businesses, brought more than capital. The company’s extensive global operations provided Summit with technical expertise in combined-cycle power plants.
Knowledge Transfer and Mutual Benefits
Summit Group’s Mitsubishi partnership took a different form, focusing on the LNG terminal operating company, where the Japanese company holds a 25% stake. While Mitsubishi had limited FSRU experience before the Bangladesh venture, its global infrastructure expertise and financial strength added credibility to Summit’s operations. The partnership structure allowed knowledge transfer in both directions—Summit gained access to international best practices while Mitsubishi entered the growing FSRU market.
“It’s actually a win-win situation for us,” says Sayedul Alam, managing director of Summit LNG Terminal Company. “We share technical know-how with each other, which benefits both parties. Mitsubishi didn’t have any FSRU business before this, so it was a good opportunity for Mitsubishi to learn about the FSRU and LNG business as well.”
General Electric’s involvement in Summit’s power plant projects demonstrates another partnership variant. GE provided turbine technology and technical services while Summit handled local permitting, construction management, and grid connections. The collaboration enabled Summit to deploy advanced 9E gas turbines that improved efficiency compared to older reciprocating engine plants.
Summit Group’s approach differs from traditional foreign direct investment models where international companies maintain primary operational control. Instead, Summit retains management responsibility while partners provide technical support, market access, and governance oversight. The structure preserves local knowledge of Bangladesh’s complex regulatory environment and energy needs while meeting international standards for project finance and operations.
Future Evolution
Technology transfer mechanisms embedded in the partnerships are aimed at accelerating Bangladesh’s energy sector development. Summit has established training programs for its engineers, sending personnel to various countries including France, Singapore, and Malaysia for continuous improvement of operations, says Alam.
Summit’s partnership model could serve as a template for other emerging market infrastructure companies in the region. The approach balances foreign investors’ need for governance standards and return predictability with local companies’ advantages in navigating domestic markets. Success depends on selecting partners whose capabilities complement local strengths rather than compete with them.
The JERA relationship has already yielded benefits beyond the initial investment. JERA’s technical expertise supports Summit’s transition toward more efficient combined-cycle plants. The partnership provides a foundation for Summit’s ambitions to develop new clean energy power generation capacity across South Asia.
