Paramount Textile, a listed company, is set to install a 9.81-megawatt rooftop solar power plant at its factory premises to ensure sustainable business operations.
The decision was taken at a meeting of the board of directors recently as part of efforts to support manufacturing with renewable energy amid global fuel supply disruptions triggered by the escalating Iran-Israel war.
The company will sign a Power Purchase Agreement (PPA) with Paramount Solar for the development of the solar facility at the company's factory premises at Sreepur in Gazipur, according to a stock exchange filing on Monday.
Paramount Textile holds a 99.99 percent stake in Paramount Solar.
The board of Paramount Textile unanimously approved the proposal to sign the deal for the development, operation and management of the rooftop solar power project, the disclosure reads.
The project will be implemented under the OPEX (operational expenditure) model, under which the solar developer will design, finance, construct, operate and maintain the plant, while Paramount Textile will purchase electricity generated from the facility.
The plant will supply power to Paramount Textile at a fixed tariff of Tk 8.20 per kilowatt-hour, excluding VAT and advance income tax (AIT).
