On Aug. 25, the Bangladesh Power Development Board (BPDB) revealed that a 30 MW solar project began operating in northern Bangladesh.
The project is owned by Intraco Solar Power Ltd. (ISPL), a unit of publicly listed Paramount Textile Ltd. (PTL), which is mainly involved in textile production. Recently, it started to diversify its investment portfolio.
The BPDB will buy electricity from the power plant at a rate of $0.16/kWh over a period of 20 years. The company invested $55 million in 110 acres of land to set up of the power plant. It used around 78,764 solar panels.
“We expect $9 million per annum as revenue from the power plant,” a senior PTL official said, adding that the company has plans to further expand its investments in the renewable energy sector.
In April, Paramount Textile said that it would invest in another 100 MW solar power plant by acquiring a 49% stake in Dynamic Sun Energy Private, in northwestern Bangladesh. The estimated cost of the grid-tied solar power plant is around $150 million. The BPDB will buy electricity from the plant at a rate of $0.1195/kWh.
Bangladesh currently generates about 910 MW of its electricity from renewable sources. The government wants the nation to produce 40% of its energy from renewable sources by 2040.
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