New York, NY, May 31, 2018 --(PR.com
)-- 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 today 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.
About Sympa Solar
Sympa Solar Energy Limited is the joint venture company that manages utility scale solar PV projects in Bangladesh jointly owned and managed by Paragon Group and Symbior Solar. Sympa has been incorporated in 2017 with offices in Dhaka, Bangladesh, and is currently implementing Bangladesh’ first utility scale solar PV projects as well as developing a portfolio of future projects in the country.
About Paragon Group
Paragon Group, one of the leading Agro-based firms in Bangladesh, started its journey back in 1989. The group has established an innovative work place by accepting a diversity of cultures, implementing new technology across all borders, and focusing solely on quality and quality assurance. Paragon Group focuses on key areas to develop the country’s health, economy, employment and environmental sectors by creating a diversity of industries, supporting one another through an organic eco-system.
About Symbior Solar
Established in 2010, Symbior Solar has grown into a leading regional solar PV developer with a focus on frontier solar PV markets in Asia. With a pipeline of over 200MW Symbior Solar continues to expand its solar PV generation platform in Bangladesh, Thailand, Indonesia, the Philippines, and Mongolia supporting the region’s drive towards environmentally and economically sound energy supply for a sustainable future. For more information about Symbior Solar, please visit www.symbiorsolar.com.
For further information, please contact:
+852 6892 2879
+66 (0)9 0912 2515