Dhaka, May 18, 2018 (EP) – Sympa Solar Power Limited (“Sympa Solar”) a joint-venture company of Symbior Solar (“Symbior”), a leading developer of solar PV power plants in Asia, and Paragon Group (“Paragon”), a leading industrial group in Bangladesh, announced that they signed Implementation Agreement and Power Purchase Agreement (PPA) for their 8MWac solar power plant to be installed in Tetulia, Panchaghar in north-western Bangladesh.
The 10MWdc/8MWac Project will generate clean and sustainable solar energy under a 20-year PPA to the Power Development Board of Bangladesh (“BPDB”), the country’s major electric utility. Sympa is initiating commencement of construction on the site immediately and is proceeding swiftly to become one of the first utility scale solar PV projects to achieve commercial operation in Bangladesh.
In the Signing Ceremony the Honorable Joint Secretary of the Power Division Faizul Amin and Mohammad Alauddin , Honorable Secretary of BPDB Mina Masuduzzaman, Honorable Director of IPP Cell-1 Md. Fazlul Haque, Mangaing Director of Sympa Solar Florian Bennhold, Director of Engineering Stefan Duthel, Head of Business Development of Paragon Group Shaheen Sarwar Hossain, Country Director of Symbior Solar Farooq Siddiqui and other higher officials of the Government of Bangladesh were present.
“This is Sympa Solar’s first project in Bangladesh and it shows the success of our strategy to implement moderately-sized solar plants to address the unique conditions and environment of Bangladesh and support the country’s transition to a sustainable energy mix”, stated Florian Bennhold, Managing Director of Sympa Solar. Mr. Moshiur Rahman, Chairman of Sympa Solar, added, “We believe our efforts in renewable energy will improve the living conditions of our communities and create sustainable opportunities for local entrepreneurs in Bangladesh following our example.“
Bangladesh has one of the most widely accepted solar PV programs for solar homes and is expanding its commitment to source affordable and renewable solar power from utility scale projects as global prices for solar PV are declining rapidly. Symbior and Paragon believe in the value of distributed solar PV power plants to support the expansion of the national grid and to use the advantages of solar PV most effectively. The Tetulia solar PV power plant fits this strategy that acknowledges the scarcity of land in one of the most densely populated countries on the planet—a reality, which hampered the execution of other projects in the country previously.