Power plant of Paramount Textile’s subsidiary starts commercial operation
It is a 30MW (AC) grid-tied solar PV power plant expected to generate Tk60cr profit annually
The power plant of Intraco Solar Power Limited (ISPL) - an associate company of the publicly listed Paramount Textile Limited (PTL) - started its commercial operation on Thursday.
The textile company said in a Dhaka Stock Exchange (DSE) filing on Sunday.
Since its inception in 2006, PTL has produced and delivered woven fabrics. But now, it is diversifying its portfolio by entering the renewable energy sector.
PTL's investment in ISPL
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Earlier, PTL decided to invest in a 30MW (AC) grid-tied solar PV power plant of ISPL.
In November 2020, the company signed an agreement to purchase 80% shares of ISPL owned by Intraco CNG Ltd.
It also signed a deal to purchase a 29% ownership or 4350,000 shares of ISPL from the portion of Intraco CNG Ltd for Tk18.48 crore.
An official of the company said on condition of anonymity that the power plant is expected to generate around Tk60 crore profit annually, which will be added from the July to September period of 2022.
Other projects
Paramount Textile also acquired a 49% stake in Dynamic Sun Energy - a 100MW (AC) powered grid-tied solar PV power plant in Pabna.
The project cost is around Tk1,300 crore.
As per a 20-year agreement with the Bangladesh Power Development Board, the power plant will supply electricity to the national grid at $0.1195 per KWH tariff.
The PTL also owns 49% shares of Paramount BTrac Energy (PBEL) which has a 200MW HSD-fired engine-based power plant at Baghabari of Sirajganj. The plant went into operation in February 2019.
It has also stepped into dredging work by setting up a subsidiary named Paramount Dredging Ltd. PTL owns 65% shares of this company.
Financials of PTL
From July to March 2022, the company's revenue was Tk462.14 crore, which was Tk375.25 crore in the same period previous year.
During the period, its net profit increased 21% to Tk63.82 crore, compared to the same period of FY21.
Its earnings per share stood at Tk3.92 and net asset value per share at Tk28.91 as of 31 March, 2022.
As of 31 July this year, the sponsor-directors held 60.95%, institutions 8.93%, foreign investors 4.10%, and general investors 26.02% shares of the company.
