GBB Power to set up 18MW solar plant at Hathazari

GBB Power Limited (GBBPL), an independent power producer supplying electricity to the national grid, has set out to develop an 18-megawatt solar power plant as its existing plants have shut down following the expiry of their power supply agreements.

With the closure of its plants, the company's revenue from operations fell to zero, leaving it reliant on other income – primarily interest earned from fixed deposit receipts (FDRs).

In a disclosure filed with the stock exchanges today (27 January), GBB Power said it has signed a power purchase contract with the Bangladesh Power Development Board (BPDB) and a consortium led by Fiber@Home.

Under the contract, the company will set up an 18MW (AC) solar power plant near the Hathazari 230/132/33kV grid substation in Chattogram. Power supply to the national grid is expected to begin within 24 months from the date of signing the contract.

According to its quarterly financial statements, the company recorded no revenue from operations in the first quarter, while its cost of goods sold stood at Tk85 lakh. During the period, it earned Tk2.18 crore as other income, mainly from interest on bank FDRs amounting to Tk68.68 crore.

For FY25, the company did not recommend any dividend for its shareholders. It reported a profit of Tk1.09 crore for the year, driven by Tk8.24 crore earned from interest on FDRs. At the end of June, its EPS stood at Tk0.11.