Bangladesh Approves $80M Solar Power Project in Pabna Backed by ADB
Pabna, Bangladesh – The Asian Development Bank (ADB) has approved a $50 million loan for the 100 MW grid-connected Paramount Solar Power Project in Pabna, approximately 245 km west of Dhaka. Developed by Dynamic Sun Energy Private Limited and Paramount Textile PLC, the total project cost is estimated at $80 million.
The solar power plant will cover 400 acres of land and is a significant step toward Bangladesh’s target of generating 40% of its electricity from renewable sources by 2041. The project has been categorized by ADB as Category B for environmental and involuntary resettlement risks and Category C for indigenous peoples, indicating moderate to low impact.
ADB will provide $50 million in loans, including $30 million from commercial lenders. The project is expected to set a bankable precedent for further private sector investment in Bangladesh’s renewable energy sector.
Project Details
- Location: Pabna, Bangladesh
- Developers: Dynamic Sun Energy Pvt. Ltd & Paramount Textile PLC
- Investment Type: Loan
- Loan Amount: $50 million
- Total Cost: $80 million
- Sector: Energy
- Approval Date: November 24, 2023
- Status: Approved
- Risk Rating: B (Environmental & Resettlement)
Paramount Textile PLC, a part of the Paramount Group founded in 1983, is leading industrial investment in collaboration with Dynamic Sun Energy, based in Dhaka.