The Asian Development Bank (ADB) has approved a financing package for what it says is the 1st private sector utility-scale solar facility to secure support from global financiers in Bangladesh.
Dynamic Sun Energy Private Limited (DSE) has secured a $121.55 million package from the bank to build and operate a 100 MW grid-connected solar power plant in the Pabna region of Bangladesh. India's Shapoorji Pallonji Infrastructure Capital, which also owns global solar EPC service provider Sterling and Wilson, is DSE's majority stakeholder.
Owned by one of the largest woven textile manufacturers in the country, the publicly listed Paramount Textile PLC, DSE expects the solar power plant to generate 193.5 GWh of clean energy annually.
The financing package comprises $46.75 million loan from the ADB, $28.05 million syndicated B-loan from Amsterdam-based emerging market private credit fund ILX Fund I, and $46.75 million from the Japan International Cooperation Agency.
PT announced a joint venture with DSE for the 100 MW project in April 2022. It will supply electricity to the grid for $0.1105/kWh under a 20-year power purchase agreement (PPA) with the Bangladesh Power Development Board (BPDB) (see Joint Venture For 100 MW AC PV In Bangladesh).