PRAN-RFL to invest in solar power business

PRAN-RFL, the country's leading business conglomerate, is set to invest in the solar power business. The group will produce renewable energy from solar power at its integrated agricultural farm located in Govindpur, Moulvibazar, says a statement.

Initially, the goal is to generate 100 megawatts of electricity. The power generated by PRAN-RFL will be purchased by Bangladeshi apparel suppliers of the world-renowned Swedish fashion brand H&M (Hennes & Mauritz).

The solar power project will be financed by the International Finance Corporation (IFC), a global development institution.

An agreement signing ceremony was held for the project on Wednesday, the third day of the ongoing Bangladesh Investment Summit at Hotel InterContinental in the capital. Muhammad Fouzul Kabir Khan, Adviser to the Ministry of Power, Energy and Mineral Resources, was present at the event.

Ahsan Khan Chowdhury, Chairman and CEO of PRAN-RFL Group; Yosef El Natour, Head of Sustainability for Production, H&M; and Vikram Kumar, Director and Regional Industry Head, Infrastructure and Natural Resources, Asia Pacific, IFC, World Bank; signed the agreement on behalf of their respective organisations.

About the project, Ahsan Khan Chowdhury said, "As part of PRAN-RFL Group's commitment to the sustainable goals, we are investing in this sector to build a beautiful and green future. In addition, we want to support the government in achieving its sustainable development goals. Currently, the entire world is focusing on renewable energy for a sustainable future. We too have undertaken extensive investment plans in this sector. We have an integrated agricultural farm on about 1,000 bighas of land in Govindpur, Moulvibazar, where solar panels will be installed to generate electricity. Initially, work will begin with the aim of generating 100 megawatts of electricity. In this regard, the government needs to provide policy support for the purchase, sale and distribution of electricity."