Beximco Group has urgently appealed to Chief Adviser Muhammad Yunus to safeguard Teesta Solar Limited—the country’s largest solar power facility—from potential mob attacks. Teesta Solar, a subsidiary of the business conglomerate owned by Salman F Rahman, faces heightened risks amidst growing tensions.
In a letter issued by Osman Kaiser Chowdhury, Beximco’s Director of Group Finance and Corporate Affairs, the company stressed that any damage to the 200MW solar park could jeopardize its ability to repay loans obtained via Sukuk bonds. Chowdhury urged the Chief Adviser’s Office and law enforcement agencies to bolster security to prevent possible destruction.
Salman F Rahman, the business tycoon who previously served as Sheikh Hasina’s adviser on private industry and investment, has been under arrest since last month, following multiple remands linked to his alleged involvement in the deaths during the student-led uprising that ousted Hasina’s government on 5 August.
The letter detailed how a mob had already attempted to attack the solar plant on 7 September in Latshal, Sundorganj, Gaibandha. Chowdhury warned of further planned attacks, citing growing unrest among local residents who have accused Beximco of land seizures and other irregularities associated with the project.
The letter highlighted that the unrest could severely disrupt the plant’s operations, potentially leading to a complete shutdown. Such an event could hinder the company’s ability to supply electricity to the Bangladesh Power Development Board (BPDB) and compromise its financial commitments to Sukuk bondholders. Beximco warned that any significant damage could also result in job losses and breach of contractual obligations.
Recent protests by local residents, including a long march and a human chain, have intensified tensions in the area. Protesters claim Beximco forcibly took land from farmers at gunpoint under the guise of developing the solar power project. They also allege widespread corruption during the plant’s construction, which has negatively impacted the Teesta River.
Teesta Solar, operational since December 2022, contributes 200 MW of power daily to the national grid under a 20-year contract with BPDB. The project, covering 650 acres of land and costing Tk3,000 crore, remains a vital part of Beximco’s green energy investments, with Tk1,800 crore raised through green Sukuk bonds for its development.
Despite the plant’s importance to the national grid and the financial markets, Beximco has voiced concerns over the escalating situation, calling for immediate intervention to avert further crises.
Repeated attempts to contact Osman Kaiser Chowdhury for further comment went unanswered.
