Symbior & Paragon in Solar JV
Symbior Solar (“Symbior”), a leading developer of solar PV power plants in Asia, and Paragon Group (“Paragon”), a leading Agro-based industrial group in Bangladesh, announced today that they received a Letter of Acceptance (“LoA”) for 8MWac or approximately 10MWp to be installed in Tetulia in the northern province of Panchagarh in Bangladesh.
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 8MWac/10MWdc 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.
“This is Symbior’s first project in Bangladesh and we are proud to have an experienced partner with the Paragon Group at our side to make this project one of the first successful solar PV projects in Bangladesh,” stated Florian Bennhold, CEO of Symbior Solar. “The successful award by BPDB shows the success of Symbior’s strategy to expand in frontier solar PV markets in Asia and establishes one additional pillar market for the company as part of its regional solar PV pipeline of more than 200MW together with our remarkable partners in the region.”
“This is a remarkable achievement for Paragon who has been working with renewable energy since 2006. Waste management is a concern in every industry which is why we invested in a 1MWe biogas plants from Poultry waste and PV solar panel assembly plant in 2010 to provide solutions to homes, industries, EU market and mini grid projects. These projects provide grid-quality electricity to rural and remote households and small commercial users where national grid is not available and thereby encourage commercial activities in the project areas. We believe our efforts in renewable energy will improve the living conditions of our communities and create sustainable opportunities for local entrepreneurs.” stated Mr. Moshiur Rahman, Managing Director of Paragon Poultry Ltd. and Parasol Energy Ltd.
Symbior and Paragon plan to commence construction as soon as the final negotiation for the PPA and project financing are concluded and proceed swiftly to become one of the first utility scale solar PV projects to achieve commercial operation. In parallel, Symbior and Paragon are preparing a second phase of 30MWp in Bangladesh with a targeted start of construction in 2018.
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.
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.
For further information, please contact:
+852 6892 2879
+66 (0)9 0912 2515