The ADB will provide a $121 million loan to Bangladeshi textile producer Paramount Textile PLC to set up a 100 MW solar power plant.
Paramount Textile's Dynamic Sun Energy unit will build and operate the facility, which will be built in Pabna district, in central Bangladesh.
The project will be the country’s first private sector utility-scale solar facility to secure financial support from the ADB. The Manila-based lender has arranged, structured, and syndicated the debt package as the sole mandated lead arranger and bookrunner.
The financing package includes a $46.75 million loan from ADB, a syndicated B-loan of $28.05 million from ILX Fund I, and a syndicated parallel loan of $46.75 million from the Japan International Cooperation Agency.
“As Asia’s climate bank, ADB welcomes the opportunity to support renewable energy in Bangladesh, where obtaining long-term financing for such projects is a challenge,” said ADB Private Sector Operations Department Director General Suzanne Gaboury. “This partnership exemplifies our lead role in mobilizing financing for clean energy facilities and stimulating further investment in sectors where it’s needed the most.”
Paramount Textile is a publicly listed company and is one of the largest woven textile manufacturers in Bangladesh. In August 2022, it switched on a 30 MW solar plant in northern Bangladesh.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.