Singapore-based independent power producer (IPP) Summit Power International will invest $1 billion in power generation and LNG supply projects in Bangladesh in the next three years. The IPP will develop a gas-to-power generation facility and an offshore LNG import terminal and also complete the Meghnaghat II CCPP. With the commissioning of this plant, the company will cross the 3 GW capacity mark. The International Finance Corporation has agreed to be the lead arranger for financing the power plant. The company has also entered into anMoU with GE to secure $50 million in equity, which it plans to use for developing power projects in Bangladesh.