Summit Uttaranchol Power Company Limited (SUPCL) and Summit Purbanchol Power Company Limited (SPPCL), concerns of Summit Power Limited (SPL), have signed agreements with Industrial and Infrastructure Development Finance Company (IIDFC) at Summit Centre in the city Thursday for conversion of the term loan facilities into redeemable preference shares, the SPL said.

IIDFC Managing Director Md Asaduzzaman Khan and SPL Managing Director Tauhidul Islam signed the agreements on behalf of their respective organisations at Summit Centre in the city Thursday.

IIDFC Chairman M Matiul Islam and Summit Group Chairman Md Aziz Khan were also present at the signing ceremony.

Also present at the signing ceremony were Summit Group directors Md Latif Khan, Jafer Ummed Khan, Ayesha Aziz Khan, Faisal Karim Khan and Azeeza Aziz Khan and IIDFC Senior Vice President Kh Shafiqur Rahman and Head of Operations ASM Arif.

The conversion will bring down the cost of fund or debt from 13 per cent to 10 per cent and make the companies debt free. This will enable their parent company SPL to expand faster. SPL is viewing the many tenders for electricity generation by the government as a gigantic opportunity.