Paramount Textile to invest in 100-MW solar project in Bangladesh

Bangladesh-based Paramount Textile Ltd (PTL) will invest in a 100-MW solar project in Bangladesh by purchasing a 49% stake in Dynamic Sun Energy Private Ltd.

The fabrics maker said in a bourse filing last week it will embark on the project in a bid to diversify its business. For that purpose, PTL will form a joint venture to co-develop the project with Dynamic Sun, whose largest shareholder is India's Shapoorji Pallonji Infrastructure Capital Co.

The photovoltaic (PV) park is set to be installed at a total cost of some BDT 13 billion (USD 153.1m/EUR 141.6m). It will be located in the Pabna district in northwestern Bangladesh and will be connected to the national power grid. Its output will be sold at a tariff of USD 0.1195 (EUR 0.1111) per kWh under a 20-year contract.

PTL Company Secretary Md Robiul Islam has told the Daily Star that construction works are planned to be completed by the end of this year.

PTL is mainly involved in the textile business but also has several power generation projects. The company is the co-owner of a 200-MW furnace oil-based power plant and holds a minority stake in a 30-MW solar project.

(BDT 10 = USD 0.118/EUR 0.109)

(USD 1.0 = EUR 0.926)

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