Latest news with #Wärtsilä
Fintech News ME
21-07-2025
- Business
- Fintech News ME
Founder Muhammed Aziz Khan Reflects on Summit Group's Multi-Decade Development
When Muhammed Aziz Khan established his first trading company in 1973, Bangladesh had been independent for less than two years. The nation's infrastructure remained largely undeveloped, and private sector involvement in critical industries like power generation was nonexistent. More than five decades later, Khan has built Summit Group into Bangladesh's largest independent power producer, having built an infrastructure conglomerate that spans electricity generation, telecommunications, ports, and liquefied natural gas operations. 'Bangladesh was newly born and there were no entrepreneurs,' Khan says. 'So I found a niche and I started the business.' Khan, now 71, recently completed a planned leadership transition within Summit Group, elevating his brothers to chairman roles across key subsidiaries while maintaining his position as founder chairman of the overall group. This transition marks a new chapter for the conglomerate that Khan built from identifying early opportunities in Bangladesh's emerging economy. From Trading to Infrastructure What began as a trading operation has evolved into a diversified infrastructure giant spanning power generation, telecommunications, ports, and logistics. Summit Power International now owns and operates 14 power plants with total capacity of 2,070 MW, making it Bangladesh's leading independent power producer and reflecting 18.05% of Bangladesh's total private installed capacity. The company also operates Bangladesh's second floating storage and regasification unit for liquefied natural gas imports with a capacity of 500 million cubic feet per day. Khan's entry into infrastructure came through necessity rather than grand design. 'There were no importers and exporters [at the time], and I moved on to infrastructure because the country needed infrastructure,' he says. The transition from trading to infrastructure development occurred in the mid-1990s when Bangladesh faced severe infrastructure deficits. Khan identified port-related facilities as a critical need and built the country's first inland container depot in 1995. This move established Summit Group's foothold in physical infrastructure development. However, the most significant challenge Khan encountered was Bangladesh's electricity crisis. 'The biggest problem was not having electricity,' he says. 'Maybe 20% of people had access to electricity in 1995,' he recalls. 'All developing countries suffer from lack of energy, both in human beings as well as in electricity,' Khan says. 'It was very important for Bangladesh to be able to employ its millions of people, and the employment could only come through industrialization. We had to move from agrarian society to industrial society and electricity is a fundamental requirement for that.' Summit Group established Bangladesh's first independent power plant in 1998, partnering with Finnish company Wärtsilä to deliver a 110-megawatt facility within nine months of contract signing. This project marked the beginning of private sector involvement in Bangladesh's power generation, a sector previously dominated by state-owned enterprises. Infrastructure Expansion The success of Summit Group's first power plant opened doors to larger infrastructure projects and international partnerships. Khan's approach centered on leveraging foreign technology and financing to deliver infrastructure that Bangladesh's domestic market couldn't provide alone. 'One of the most important things that defines us is the fact that we are a Singapore company based out of Singapore, owning assets in Bangladesh,' says Ayesha Khan, Summit Power International's CEO.' The company's 2016 restructuring, which established Summit Power International in Singapore proved transformational for Summit Group's growth trajectory. 'The IFC [International Finance Corporation] invested in Summit in 2016,' says Ayesha Khan. 'They invested in the Singapore structure, which helped us invest back into Bangladesh.' This restructuring enabled Summit Group to access lower-cost, longer-term financing from international markets. The company subsequently attracted major foreign investors, including Japan's JERA Co.,Inc., which acquired a 22% stake in Summit Power International in 2019. 'I am so humbled and so happy that we started with electricity, and today 100% people have electricity access to electricity in Bangladesh,' says Muhammed Aziz Khan. 'That Summit was part of it is the biggest satisfaction.' The company's diversification beyond power generation included telecommunications infrastructure, where Summit Communications developed over 47,000 kilometers of fiber-optic cables nationwide. In 2023, Summit Towers acquired 2,012 mobile phone towers from Banglalink for approximately $100 million, expanding its telecommunications infrastructure portfolio to over 6,500 towers across Bangladesh. Social Impact and Corporate Responsibility As the company has grown, Khan has emphasized Summit Group's commitment to social development, particularly in education. 'Equality comes through education,' he says. 'Education is the biggest enabler of equality in the world. Therefore, we focus on how to educate the people around the power plants or around any of our facilities.' The company builds schools near its power plants and facilities, then transfers ownership to local authorities. Through the Anjuman Aziz Charitable Trust, established by Khan and his family, Summit Group currently supports approximately 9,000 disadvantaged children in Bangladesh who otherwise wouldn't have access to education. Khan views corporate social responsibility as fundamental. 'The creation of wealth should not be only for personal gain and pleasure, but also for the improvement of humanity,' he says. 'And that's where the CSR comes in.' Sustainability and Regional Growth Summit Group is increasingly focusing on sustainability challenges and regional expansion opportunities. Khan sees artificial intelligence and climate change as two defining global trends that require coordinated responses. 'We need to harness artificial intelligence to contain emissions to bring about re-nurturing of Mother Earth,' he says. 'It's very intriguing and it is very challenging, but it is a must if this world is to continue to be a happier world from the previous centuries, as it has always been.' Summit Group announced plans in 2023 to invest in renewable energy projects across South Asia, including 1,000 megawatts of solar and wind generation in India and 700 megawatts of hydropower in Nepal and Bhutan. These cross-border projects would supply renewable electricity to Bangladesh, addressing the country's limited domestic renewable energy potential. The initiative aligns with broader regional energy integration efforts across South Asia. According to the Institute for Energy and Economics and Financial Analysis, Nepal possesses an economically feasible hydropower potential of around 40 gigawatts, yet has only harnessed 5% of this capacity. Bhutan's technically and commercially feasible hydropower potential stands at 23 gigawatts with less than 10% currently tapped. The Bangladesh government has embraced this integrated, sustainable approach through its Vision 2041 development plan, which aims to bring in 9 gigawatts of capacity from regional markets including India, Bhutan, and Nepal where renewable power potential is more abundant In October 2024, Bangladesh signed a trilateral agreement to import 40 megawatts of hydropower from Nepal via Indian territory, marking a significant milestone in regional energy cooperation. Muhammed Aziz Khan acknowledges Bangladesh's geographical constraints for renewable energy development. 'In the electricity space, Bangladesh has very little opportunity of producing green electricity within the country's 55,000 square miles,' he says. 'But just outside He remains optimistic about long-term prospects. His daughter Ayesha Khan now leads Summit Power International's daily operations, representing the next generation of family leadership. The company maintains its position as Bangladesh's largest independent power producer while pursuing regional expansion and renewable energy development across South Asia. 'And I'm humbled and very pleased to be part of that.'
Yahoo
21-07-2025
- Business
- Yahoo
Wärtsilä to divest Marine Electrical Systems business to VINCI Energies
Wärtsilä has announced the divestment of its Marine Electrical Systems business to VINCI Energies, a multi-technical solutions and services provider. The Marine Electrical Systems division, known for its specialised electrical systems integration for vessels, operates as part of Wärtsilä Portfolio Business. The division has been managed independently to enhance performance and realise value through strategic divestment. In 2024, the annual revenue of the division was €100m ($116.22m). The transaction encompasses the sale of Wärtsilä SAM Electronics and associated assets for a project under construction in Brazil. Wärtsilä head of portfolio business Bernd Bertram: 'This agreement is yet another proof point of our Portfolio Business divestment strategy coming to life. VINCI Energies has deep expertise in complex project-based business and therefore is an ideal match for Marine Electrical Systems. 'I'm confident that VINCI Energies will provide a solid platform for further business success for the benefit of the customers, partners, and the highly skilled professionals of Marine Electrical Systems.' Through this acquisition, VINCI Energies aims to bolster its industrial services range through its brand Actemium and reinforce its presence in the German defence market with the transfer of 350 employees. The transaction is expected to add an annual revenue of €100m to VINCI Energies' portfolio. It is expected to be completed in the last quarter of 2025, pending regulatory approvals. In related news, Wärtsilä Gas Solutions has secured a contract to provide cargo handling and fuel supply systems for four Very Large Gas Carriers (VLGCs) being constructed for Cosco Shipping. These vessels are currently under production at Cosco Shipping (Qidong) Offshore, with the initial order for two vessels placed in the fourth quarter of 2024 and an additional order for two more vessels in the second quarter of 2025. "Wärtsilä to divest Marine Electrical Systems business to VINCI Energies" was originally created and published by Ship Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
17-07-2025
- Automotive
- Yahoo
VINCI has reached an agreement to acquire Wärtsilä SAM Electronics GmbH
Nanterre, 17 July 2025 VINCI has reached an agreement to acquire Wärtsilä SAM Electronics GmbH Expanding VINCI Energies' position in the defense market €100 million revenue and 350 employees in Germany VINCI Energies has signed an agreement to acquire Wärtsilä SAM Electronics GmbH, a company based in Hamburg in Germany. Founded in 1906, this company - a subsidiary of the Finnish group Wärtsilä Corporation - focused on technologies for energy and marine, is active in the field of electrical and automation integration for the German navy and naval shipyards in the north of the country (Hamburg, Wilhelmshaven, Elmenhorst, Bremerhaven and Kiel). This acquisition will enable VINCI Energies, through its brand Actemium, to expand its range of services in the industrial sector and to strengthen its position in the German defense market by integrating the expertise of 350 new employees and an additional full-year revenue of €100 million. The agreement, which is expected to be completed in the last quarter of 2025, is subject to approval from the relevant authorities. In Germany, VINCI Energies operates in its four business lines – Infrastructure, Industry, Building Solutions and ICT*– and employs 16,600 people in 385 2024, the VINCI Group generated a total revenue of almost €5.6 billion in Germany - its second-largest international market - including €4.1 billion in energy solutions (VINCI Energies €3.4 billion and Cobra IS €0.7 billion) and €1.4 billion for VINCI Construction. VINCI Concessions is also present in Germany through five public-private partnerships for the management of highway infrastructure, as well as in electric vehicle charging infrastructure. *(Information and Communication Technology) About VINCIVINCI is a world leader in concessions, energy solutions and construction, employing 285,000 people in more than 120 countries. We design, finance, build and operate infrastructure and facilities that help improve daily life and mobility for all. Because we believe in all-round performance, above and beyond economic and financial results, we are committed to operating in an environmentally and socially responsible manner. And because our projects are in the public interest, we consider that reaching out to all our stakeholders and engaging in dialogue with them is essential in the conduct of our business activities. VINCI's ambition is to create long-term value for its customers, shareholders, employees, partners and society in general. This press release is an official information document of the VINCI Group. PRESS CONTACTVINCI Press DepartmentTel: +33 (0)1 57 98 62 vinci-has-reached-an-agreement-to-acquire-wartsila-sam-electronics-gmbhError in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Zawya
11-07-2025
- Business
- Zawya
Gabon's Minister of Universal Access to Water and Energy Joins African Energy Week (AEW) 2025 Amid Power Expansion
Philippe Tonangoye, Minister of Universal Access to Water and Energy of Gabon, will participate at the African energy Week (AEW): Invest in African Energies conference – taking place September 29 to October 3, 2025. His participation comes as Gabon implements an aggressive strategy to enhance access to water and energy, with strategic investments and partnerships in infrastructure, power and local businesses. His insights will support future investments as project developers, financiers and global partners convene in Cape Town to discuss strategies for making energy poverty history. For Gabon, natural gas has emerged as a cornerstone of the country's petroleum and power development. The country aims to utilize its offshore resources to drive economic growth, leveraging investments in gas-to-power and floating power generation solutions to enhance energy access country-wide. The country's long-awaited Orinko gas-to-power plant is on track to start construction soon, with a Shareholders' Agreement signed in May 2025 to advance the project. The project is expected to play a vital role in expanding Gabonese power access, as it will boost the country's generation capacity by 50%. Developed by Orinko SPV - comprising the state-owned Gabon Power Company in partnership with Wärtsilä, Africa 50, FGIS and Melec PowerGen - the project will be constructed under a build-own-operate-transfer IPP model. Otinko will utilize offshore gas resources as feedstock to produce electricity, laying the foundation for greater generating capacity in Gabon. At present, gas power plants operated by independent oil and gas company Perenco account for 70% of the power in Libreville and 100% of the power in Port-Gentil. With the Orinko facility, Gabon will be well-positioned to significantly enhance access. Beyond natural gas, Gabon is spearheading a pipeline of renewable energy developments, seeking to enhance access to both grid-connected and off-grid power in pursuit of universal access by 2030. The Orinko milestone follows the start of operations at energy company Karpowership's floating power plants in Gabon in February 2025. The plants provide electricity to the capital city of Libreville and other regions, thereby boosting the power grid while offering a clean source of power to underserves communities. Karpowership signed a contract in 2024 with Gabon to provide 250 MW of electricity to the country for a period of five years. The company has been supplying 25% of the country's total electricity via two powership situated at different locations. These solutions represent a flexible and scalable option for Gabon as it strives to enhance access to electricity through modernized infrastructure solutions. Meanwhile, Gabon is investing in new hydropower projects. Currently approximately half of the power consumed in the country is derived from hydro, largely from the Grand Poubara Hydroelectric Dam (160 MW) and Kinguele Aval Hydroelectric Dam (70 MW). However, to achieve its energy goals, much more investment is needed across the power market. To further support project development, Gabon established a National Fund for Energy and Water (FNEE) in 2025, aimed at mobilizing capital for energy and water projects. The FNEE will address power outages by implementing short-term measures, driving key infrastructure investments and boosting regional energy cooperation. The fund also seeks to revive delayed power projects, including the 125 MW Owendo thermal power station – planned for 2027 -, the Ngoulmendjim and L'impératrice Eugénie hydroelectric plants. The fund falls under the country's broader National Development Plan for Transition, with the three projects alone requiring an estimated $453 million to develop. This highlights a strategic opportunity for investors and projects developers seeking to make impactful investments in Africa. 'Gabon's strategy to achieve universal access to electricity is expected to unlock a wealth of economic and development opportunities for the country. By utilizing a variety of different power generation solutions – from gas-to-power to floating facilities to hydroelectric projects and renewables – the country is diversifying and strengthening its portfolio of power facilities. This approach not only creates greater opportunities for energy access but opens up the market to a variety of investors and project developers,' states Ore Onagbesan, Program Director, AEW: Invest in African Energies. Distributed by APO Group on behalf of African Energy Chamber. About AEW: Invest in African Energies: AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit for more information about this exciting event.
Yahoo
09-07-2025
- Business
- Yahoo
Wärtsilä to supply 204MW power plant for Reko Diq project in Pakistan
Wärtsilä has been selected to provide a 204MW power plant solution for the Reko Diq copper-gold mining project in Pakistan. The power plant, featuring 12 Wärtsilä 50 engines and auxiliaries, will ensure a reliable and economical power supply crucial for efficient mining operations. Wärtsilä will supply the power plant as part of an engineering, procurement and construction (EPC) contract. The plant includes technological features that allow for future conversion of the engines to operate with alternative fuels. The order, placed by Reko Diq Mining Company, was recorded in Wärtsilä's books in the second quarter of 2025. The contract scope also encompasses full heat recovery boilers to facilitate the addition of a Flexicycle (steam turbine). Designed to integrate with renewable energy sources, the plant also has provisions for future grid connection. The delivery of Wärtsilä equipment is scheduled to begin in late 2026. Reko Diq Mining Company project director Tim Cribb stated: 'We are pleased to have a reliable and collaborative partnership with Wärtsilä on this considerable project. Wärtsilä's technical expertise and strong local presence in Pakistan are highly valued.' The Reko Diq project, one of the world's largest undeveloped copper-gold sites, is located in the remote region of Balochistan. The project is expected to bring socio-economic benefits to local communities and Pakistan by boosting local employment rates and investments in community initiatives. Wärtsilä Energy energy business director Alexandre Eykerman stated: 'Mining is a key sector with one of the largest growth potentials for Pakistan's future. Projects like Reko Diq, with large gold and copper reserves, are crucial for unlocking the sector's potential and helping Pakistan to improve its GDP. 'The country possesses vast untapped mineral resources, including copper, gold, lithium and rare earth elements, which are crucial for global energy transitions and technological advancements.' In a related development, Wärtsilä secured a contract in September 2024 to supply engines and auxiliary equipment for a new power plant at the Boto gold mine in Senegal. The contract, awarded by Africa Power Services, includes the delivery of six Wärtsilä 32 engines. "Wärtsilä to supply 204MW power plant for Reko Diq project in Pakistan" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
