A term loan facility agreement for Tk 694m was signed between Sympa Solar Power Limited (SSPL) and state-owned financial institution Infrastructure Development Company Limited (IDCOL) on October 15, 2018 at IDCOL head office to set up an 8 MW (AC) utility scale solar power plant at Tetulia in Panchagar.
SSPL is a joint venture company between Paragon Group and Symbior Solar Siam Ltd.
SSPL has signed a power purchase agreement (PPA) with Bangladesh Power Development Board (BPDB) to sell generated electricity from the project for a term of 20 years to BPDB, said a press release.
The tariff of the project will be US$ 0.13 per kWh. IDCOL is providing the required financing as term loan for a term of 15 years at 7 percent interest rate with 2 years of grace period.
The Chief Executive Officer of IDCOL, Mahmood Malik and the Managing Director of SSPL, Florian Bennhold signed the term loan facility agreement on behalf of their organizations.
Additional Secretary of Power Division, Rahamat Ullah Mohd Dastagir, Joint Secretary of Power Division, Mohammad Alauddin, Managing Director of Paragon Group Moshiur Rahman, Deputy CEO of IDCOL SM Monirul Islam and Head of Renewable Energy of IDCOL Enamul Karim Pavel graced the occasion with their presence.