The power facilities, which will use fuel oil and gas, are expected to generate 1,310MW by 2020.
The investment is part of the company’s effort to meet the increasing demand in the country.
Summit finance director Ayesha Aziz Khan was quoted by Reuters as saying that the company intends to add at least 300MW power plants by 2016.
The company will commission the biggest plant, which will have a capacity of 660MW, by 2020.
"If we don’t start developing new projects now we will again see the mismatch between demand and supply widening, resulting in acute shortages and blackouts.
"We must access and develop regional hydro electricity potentials and nuclear energy. But fossil fuel will remain our main energy source for many years to come," Khan added.
Summit intends to increase its share in Bangladesh power market to 16% this year from the current 12%.
Demand for electricity in the country is estimated to rise 7% annually. Bangladesh currently has power generation capacity of 7,000MW, meeting the needs of around 65% of the population.
Image: Summit’s new power plants will generate 1,310MW by 2020. Photo: courtesy of twobee/ FreeDigitalPhotos.net.
