Bangladesh-based independent power producer (IPP) Summit Power International (SPI) has signed an MoU with Japan’s Mitsubishi to develop a liquefied natural gas (LNG)-to-power project at Matarbari in Bangladesh. The project will be jointly built by both the companies at an investment of $3 billion. Under the MoU, the companies will develop an integrated LNG onshore receiving terminal with a degasification capacity up to 1,500 million cubic feet per day. Apart from this, the parties have also agreed to develop two combined cycle power plants (CCPPs) of 1,200 MW each and relevant high voltage transmission lines. Once complete, SPI will have a total installed capacity of over 3 GW.