PRAN-RFL to invest in solar power business

Business Desk :

This clean electricity will be purchased by Bangladeshi garment suppliers catering to the globally renowned Swedish clothing brand Hennes & Mauritz AB (H&M), said the Chief Adviser’s Press Wing on Wednesday.

H&M Group, in partnership with Pran Group and the International Finance Corporation (IFC), signed the Memorandum of Understanding (MoU) on the third day of the Bangladesh Investment Summit 2025 happening in Dhaka, reports UNB.

The initiative underscores a significant step towards promoting sustainable practices within Bangladesh’s vital garment industry.

The agreement was signed by key representatives from each organisation: 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 Group.

The MoU sets the stage for piloting Bangladesh’s first Corporate Power Purchase Agreement (CPPA).

Backed by IFC and led by Pran-RFL Group, the project will enable H&M Group to link several selected suppliers to a newly developed solar park.