Paramount Textile to form JV for 100MW solar power plant
Paramount Textile Ltd (PTL) today said it will form a joint venture company with Dynamic Sun Energy Private Ltd to establish a 100 megawatt solar power plant in Pabna sadar, a northwest district.
Paramount will acquire 49 per cent stakes in the plant, which will require around Tk 1,300 crore to produce and supply renewable energy to the national grid, according to a posting of the company on the Dhaka Stock Exchange (DSE) website.
The share price of PTL, however, fell 1.98 per cent to Tk 79.40 today compared to the previous day at the Dhaka bourse.
"We want to complete construction of the project by this year," said PTL Company Secretary Md Robiul Islam.
This is the third initiative by the PTL to set up power plant as part of its bid to diversify its business.
The textile maker already has a joint venture and has been producing electricity at a 200-MW furnace oil-based power plant at Sirajganj, another northern district.
The company also has a joint venture to produce 30MW solar power plant.
The PTL said its board has taken the decision to invest considering the business prospect.
The tariff would be $0.1195 per kilowatt hour and the contract period would be 20 years among others, according to the DSE website posting.
The PTL posted Tk 48.40 crore in net profit in the first half of 2021-22 financial year, up 28 per cent year-on-year.