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% risk in Dynamic Sun Energy Private Ltd

The textiles manufacturer claimed in a bourse filing last week it will certainly embark on the project in a bid to diversify its organization. For that purpose, PTL will develop a joint venture to co-develop the project with Dynamic Sun, whose largest investor is India's Shapoorji Pallonji Infrastructure Capital Co

The photovoltaic (PV) park is set to be mounted at a total expense of some BDT 13 billion (USD 153.1 m/EUR 141.6 m). It will certainly be located in the Pabna district in northwestern Bangladesh as well as will certainly be linked to the national power grid. Its output will certainly 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 actually informed the Daily Star that building and construction works are planned to be finished by the end of this year.

PTL is generally associated with the textile organization but additionally has several power generation projects. The company is the co-owner of a 200-MW heater oil-based power plant and also holds a minority stake in a 30-MW solar project.