Paramount Textile to invest in 100-MW solar project

Paramount Textile Ltd (PTL) will invest in a 100-MW solar project in Bangladesh by purchasing a 49% stake in Dynamic Sun Energy Private Ltd.
The fabrics maker said in a bourse filing last week it will embark on the project in a bid to diversify its business. For that purpose, PTL will form a joint venture to co-develop the project with Dynamic Sun, whose largest shareholder is India's Shapoorji Pallonji Infrastructure Capital Co.
The photovoltaic (PV) park is set to be installed at a total cost of some BDT 13 billion. It will be located in the Pabna district in northwestern Bangladesh and will be connected to the national power grid.
PTL is mainly involved in the textile business but also has several power generation projects. The company is the co-owner of a 200-MW furnace oil-based power plant and holds a minority stake in a 30-MW solar project.