ADB signs $121.55m financing deal for Bangladesh's 100 MW solar project

The facility can generate around 193.5 gigawatt-hours of electricity yearly.

The Asian Development Bank (ADB) signed a $121.55m financing package with Dynamic Sun Energy Private Limited to support the operation of a 100-megawatt utility-scale solar facility in Bangladesh.

In a statement, the ADB said the project, the first private sector utility-scale solar facility in Bangladesh to get support from global financiers, will generate 193.5 gigawatt-hours of electricity and cut 93,654 tonnes of carbon dioxide emissions annually.

The financing package is composed of a $46.7m loan from ADB, a $28.05m syndicated B-loan from an Amsterdam-based emerging market private credit fundt ILX Fund I, and a $46.75m syndicated parallel loan from the Japan International Cooperation Agency.

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“We are delighted to secure financing for one of the largest private sector solar projects in Bangladesh to date, with the support of international lenders led by ADB,” said Paramount Textile Managing Director Shakhawat Hossain. 

“Partnering with an internationally reputable financial institution such as ADB affirms PT’s dedication to sustainability and marks a significant stride in our journey towards sustainable growth.”

Paramount Textile, one of the largest woven textile manufacturers in the country that operates several power plants, owns Dynamic Sun Energy.