Paramount Textile-led JV plans $268m investment in 295MW solar projects
According to the project timeline, the power purchase agreement (PPA) is expected to be signed within 28 days of the NOA issuance
Paramount Textile and Paramount Holdings, both part of the Paramount Group, plan to invest $268 million, equivalent to around Tk3,275 crore, in four solar power plants with a combined capacity of 295 megawatts through a joint venture, marking a major expansion of the group's footprint in the renewable energy sector.
The Bangladesh Power Development Board (BPDB) awarded the Notification of Award (NOA) to the joint venture on 29 December for the development of the projects under the Public Procurement Rules, 2008.
Md Robiul Islam, company secretary of Paramount Textile, told The Business Standard that the solar plants would be developed jointly with another concern of the group. "After signing the power purchase agreement, the plants will be developed within two years," he said.
Under the plan, two of the four projects will be set up at Bhabanipur in Pabna district with a combined capacity of 220MW, while the remaining two plants, totalling 75MW, will be developed at Athangiri in Moulvibazar district.
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According to the project timeline, the power purchase agreement (PPA) is expected to be signed within 28 days of the NOA issuance. The implementation period for the projects will be two years from the date of signing the PPA.
Paramount Textile, which manufactures high-quality woven fabrics for export-oriented garment industries, already has a significant presence in the power sector. The company owns a 49% stake in Paramount BTrac Energy, which is establishing a 200MW HSD-fired engine-based power plant at Baghabari in Sirajganj on a build-own-operate basis.
It also holds equity stakes of 49% in Dynamic Sun Energy, 80% in Intraco Solar Power and 99.99% in Paramount Solar. In addition, the company has a 49% holding in Dynamic Sun Energy Pvt Ltd alongside its stake in Paramount BTrac Energy.
According to the company's price-sensitive information, a 70MW solar power plant with a 20-year tenure will be developed in Pabna, where Paramount Textile will hold an 80% stake. Another 150MW solar project is planned in the same district, with a 60% stake for the company.
Meanwhile, in Moulvibazar, two more solar plants with capacities of 25MW and 50MW will be set up, with Paramount Textile holding 40% equity in each.
Impact on Paramount
Overall, Paramount Textile's share of capacity across the four solar plants will be 176MW out of the total 295MW. The projects will be financed through a mix of 70% debt and 30% equity. Once operational, the new investments are expected to generate annual revenue of Tk513.98 crore.
The expansion comes as Paramount Textile's revenue continues to grow, driven mainly by its core yarn and dyed fabric business alongside diversification into power generation, according to its annual report.
In FY25, the company's revenue rose to Tk1,226 crore, including Tk1,023 crore from yarn and dyed fabrics, Tk42 crore knit yarn dyeing, Tk16.94 crore in solid and softflow dyeing, Tk22 crore from printing, and Tk122 crore from electricity sales to BPDB.
During the year, the company posted a profit of Tk136.84 crore and declared a 12% cash dividend.
As of June 2025, Paramount Textile had term loans of Tk1,809.37 crore and short-term loans of Tk655.36 crore, while retained earnings stood at Tk531.40 crore.
Today (1 January), Paramount Textile's shares price closed at Tk51.20 each at the Dhaka Stock Exchange.
