On July 1, Summit Group announced the appointment of Md Reaz Uddin as Managing Director and CEO of both Summit Meghnaghat I Power Company Limited (337 MW) and Summit Meghnaghat II Power Company Limited (583 MW), consolidating operational leadership of two facilities that comprise nearly half of the conglomerate’s power generation capacity in Bangladesh.
Reaz Uddin’s promotion from CEO of Meghnaghat II alone to overseeing both facilities reflects Summit Group’s approach to optimizing operational efficiency. His 32 years of power generation experience includes leadership roles across projects totaling over 2,000 megawatts and contribution to foreign project financing exceeding $1.1 billion into Bangladesh.
Managing advanced technology assets
The combined facilities now under Reaz Uddin’s leadership are central to Summit Group’s energy portfolio.
Meghnaghat I, operational since June 2015, utilizes GE’s 9E gas turbine technology in a 337-megawatt combined cycle configuration that helped Summit Group develop and establish proficiency in sophisticated power generation systems.
Nearly a decade later, Meghnaghat II achieved commercial operations in April 2024 with GE’s first HA-class gas turbine deployed in Bangladesh, delivering efficiency levels that set new performance benchmarks for the country’s power sector. The plant’s sophisticated engineering design and air-cooling systems allow for quick operational startup, achieving full capacity in 12 minutes during simple cycle operation..
International partnership management
Both facilities operate under international partnership structures that require sophisticated stakeholder management capabilities. Meghnaghat I operates as a joint venture between Summit Group, Taiyo Life Insurance of Japan, while Meghnaghat II is a joint venture between GE and Summit Group. Both plants are supported by Japan’s JERA Co., which acquired a 22% stake in Summit Power International in October 2019.
These partnerships extend beyond financial investment to comprehensive technology transfer agreements, long-term maintenance contracts, and operational support frameworks. General Electric provides turnkey engineering, procurement, and construction services for Meghnaghat II, along with a 22-year maintenance and repair services agreement valued at approximately $390 million.
The international financing structure of Meghnaghat II demonstrates the complexity of relationships under Reaz Uddin’s management. The company has sought to utilize foreign direct investment to improve Bangladesh’s infrastructure. Standard Chartered Bank, lending under Switzerland’s export credit agency SERV’s cover, and the International Finance Corporation jointly provided $350 million of financing for Meghnaghat II’s development.
“Bangladesh is still one of the lowest per capita consumers of electricity in the Indian subcontinent while GDP growth per capita-wise, the highest,” said Summit Group Chairman Muhammad Aziz Khan. “Summit wants to support Bangladesh’s growth trajectory by providing the citizens with primary infrastructure.”
Summit Group’s Singapore incorporation approach enables access to international capital markets while imposing governance standards that international lenders view favorably. This framework requires sophisticated compliance management that Reaz Uddin’s experience with multinational organizations can provide.
Operational efficiency and power demand in Bangladesh
Reaz Uddin assumes leadership of the Meghnaghat facilities as they continue to demonstrate competitive operational economics. The Meghnaghat facilities maintain strong performance metrics, with gas-based plants producing electricity at costs of Tk3-Tk3.5 per unit, considerably below the 37 taka per unit typical for diesel-based generation..
Recent analysis by the Centre for Policy Dialogue indicates Bangladesh’s natural gas demand will grow from 3,965 million cubic feet per day in fiscal year 2025 to 4,762 million cubic feet per day in fiscal year 2028, driven primarily by power and industrial sector requirements.
Market position and competitive advantages
Summit Power International operates as Bangladesh’s largest independent power producer, with 14 power plants totaling more than 2,000 megawatts of capacity. The Meghnaghat facilities account for approximately 46% of this installed capacity, making their operational performance critical to the company’s overall financial results and market position.
The efficiency advantages of both facilities provide competitive differentiation that becomes increasingly important as Bangladesh’s power sector emphasizes cost-effectiveness and reliability.
Reaz Uddin’s experience in international project development includes exposure to global best practices in power plant operations that can inform performance improvement initiatives. His background with multinational organizations provides perspective on industry standards that exceed typical requirements in Bangladesh’s domestic market.
Long-term business implications
The consolidated leadership structure creates operational flexibility that supports Summit Group’s broader business objectives, including potential expansion into renewable energy and regional power markets. Reaz Uddin’s experience with complex financing structures and international partnerships positions him to evaluate future development opportunities.
Bangladesh’s commitment to long-term clean energy transition requirements will affect the power sector over the coming decades. Managing this transition while maintaining operational excellence at existing facilities requires leadership capabilities that span both technical and business domains.
Reaz Uddin’s appointment reflects Summit Group’s confidence in maintaining operational excellence during Bangladesh’s power sector transformation, supporting the company’s continued leadership position while adapting to evolving regulatory and market conditions.
