ADB arranges financing for 100-MW solar project in Bangladesh

The Asian Development Bank (ADB) has structured a financing package for a Paramount Textile Plc (DSE:PTL) entity to support its 100-MW grid-connected solar power project in Pabna, Bangladesh.

The bank led the financing of a total of USD 121.55 million (EUR 113.9m), contributing a loan of USD 46.75 million. Amsterdam-based emerging market private credit fund ILX Fund I is providing a USD-28.05-million syndicated B-loan, while a syndicated parallel loan of USD 46.75 million is coming from the Japan International Cooperation Agency, ADB said on Tuesday.

The borrower is Dynamic Sun Energy Private Limited, a unit of Paramount Textile. The Bangladeshi woven textile manufacturer invested in Dynamic Sun Energy in 2022 to become part of the solar project.

(USD 1.0 = EUR 0.938)

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