Paramount Textile PLC (PTL) will procure electricity from a 9.81 megawatt rooftop solar power plant at its Gazipur factory under a power purchase agreement with Paramount Solar Ltd, a company in which the textile manufacturer holds 99.99 per cent of the paid-up capital.
The decision to sign the agreement was approved at a meeting of the company’s board of directors held on Sunday, according to price-sensitive information disclosed through the Dhaka Stock Exchange on Monday.
Paramount Solar Ltd will design, build, operate and manage the rooftop solar power facility at PTL’s factory in Gillarchala of Sreepur.
The project will be implemented under the Operational Expenditure (OPEX) model, under which the generator will develop and operate the solar plant while the textile manufacturer purchases electricity generated from the facility.
Paramount Textile will buy electricity from the project at a fixed tariff of Tk8.20 per kilowatt-hour, excluding value added tax and advance income tax, the disclosure said.
Electricity generated from the photovoltaic system will be supplied to the company for 20 years from the date the plant is commissioned and becomes operational.
