Matrix Renewables Secures Financing for 210 MW Stillhouse Solar Project

Dynamic Sun Energy, a unit of Paramount Textile, secured a financial package to build and operate a 100 MW grid-connected solar power project in Pabna, Bangladesh. The Asian Development Bank (ADB) led the financing package for the solar project.

The plant is the country’s first private-sector utility-scale solar facility to secure support from global financiers. ADB arranged, structured, and syndicated the debt package as the sole mandated lead arranger and bookrunner. The financing package comprises a $46.75 million loan from ADB, a syndicated B-loan of $28.05 million from ILX Fund I, an Amsterdam-based emerging market private credit fund focused on supporting the Sustainable Development Goals with ADB as lender of record, and a syndicated parallel loan of $46.75 million from the Japan International Cooperation Agency.

The solar power plant is expected to generate 193.5 gigawatt-hours of electricity annually and avoid 93,654 tons of carbon dioxide emissions annually.

“As Asia’s climate bank, ADB welcomes the opportunity to support renewable energy in Bangladesh, where obtaining long-term financing for such projects is a challenge,” said ADB Private Sector Operations Department Director General Suzanne Gaboury. “This partnership exemplifies our lead role in mobilizing financing for clean energy facilities and stimulating further investment in sectors where it’s needed the most.”

“We are delighted to secure financing for one of the largest private sector solar projects in Bangladesh to date, with the support of international lenders led by ADB,” said PT Managing Director Shakhawat Hossain, “Partnering with an internationally reputable financial institution such as ADB affirms PT’s dedication to sustainability and marks a significant stride in our journey towards sustainable growth.”

According to Mercom’s Q1 2024 Solar Funding and M&A report, large-scale project funding announced in Q1 2024 came to $13 billion in 62 deals, a decrease of 24% QoQ compared to $17.1 billion in 60 deals in Q4 2023.

BRUC, a Spain-based renewable energy company that owns and operates solar and wind projects, recently secured €570 million (~$608.44 million) in financing for the construction of 842 MW of solar projects.


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