Development finance institution International Finance Corporation (IFC), IFC Asset Management Company (IFC AMC) and EMA Power, a joint venture between Daelim Energy and Islamic Development Bank Infrastructure Fund II, have invested US$175.5 million to finance Bangladesh-based power producer Summit Group’s future power projects in the country. IFC AMC will invest through its IFC Emerging Asia Fund. Summit Group plans to use the investment to develop greenfield electricity generation plants, including a 500 megawatt dual-fuel combined-cycle power plant and a 150 megawatt heavy fuel oil-based power plant.