Summit Power Ltd has signed an agreement with Sabson Energy FZCO of the United Arab Emirates for the sale and re-export of its Narayanganj Unit I, a 102MW heavy fuel oil-fired power plant.

In a disclosure to the Dhaka Stock Exchange on Tuesday, the company said the plant began commercial operation on 1 April 2011 under a power purchase agreement with the Bangladesh Power Development Board (BPDB). The deal was renewed twice before expiring on 22 March 2024.

Although the plant was allowed to operate for another two years under a “No Electricity No Pay” tariff model following BPDB consent in April 2024, it has not dispatched any electricity since 19 August 2024.

Summit later received a no-objection certificate from BPDB confirming there was no scope to renew the agreement and that the plant’s operational life in Bangladesh had ended.

The company’s board resolved in May to sell the facility and authorised management to seek buyers. After discussions with two interested parties, Summit finalised the sale with Sabson Energy, a Dubai-registered firm.

As of 31 July 2025, Summit Power’s shareholding comprised 63.19% held by sponsors and directors, 18.51% by institutions, 3.65% by foreign investors, and 14.65% by the public.