Bangladeshi fabrics manufacturers Paramount Textile Limited will establish a 100 MW AC solar power plant via a joint venture (JV) with Dynamic Sun Energy Private Ltd that counts Shapoorji Pallonji Infrastructure Capital Company (SP Infra) as its majority shareholder.
SP Infra is a subsidiary of India's Shapoorji Pallonji Group. With Paramount and SP Infra pooling in resources, the solar power project in Pabna is expected to be built with an investment of around $150 million, reported local media referring to a statement issued by Paramount to the Dhaka Stock Exchange (DSE).
On commissioning, the solar power plant will supply electricity to the national grid for $0.1195 per kWh under a 20-year power purchase agreement (PPA) with the Bangladesh Power Development Board (BPDB).
For Paramount, the investment is aligned with its strategy to diversify its business interests. It is already invested in a JV for 30 MW solar power plant, along with a 200 MW furnace oil-based power plant in the country.