Paramount Textile Ltd to invest in large-scale solar power project in Bangladesh
Dhaka-based textiles business Paramount Textile Limited announced that it will invest in a 100 megawatt solar power project in Bangladesh through acquiring a 49% stake in Dynamic Sun Energy Private Limited.
Paramount Textiles is investing in renewable energy to fuel the next two decades of its business, the company stated in a bourse filing in Bangladesh, Renewables Now reported. Following the stake acquisition, Paramount Textiles Limited will form a joint venture to co-develop a large-scale solar power project with Dynamic Sun.
The solar project will include the establishment of a photovoltaic park in the Pabna district in northwestern Bangladesh. The project will cost around $153.1 million and will produce solar power which will be connected to the Bangladesh national power grid and sold on with a 20-year contract.
The solar plant construction is estimated to be completed by the end of the year, Paramount Textile’s company secretary Robiul Islam told the Daily Star. Dynamic Sun’s largest shareholder is India's Shapoorji Pallonji Infrastructure Capital Co.
The Paramount Group of companies was established in 1986 and formally established its textiles business in 2006, commencing commercial production in 2008, according to the company website. To date, the business has exported close to a billion yards of fabric internationally and refers to itself as one of Bangladesh’s leading manufacturers.
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