B Mirror Report: Olympic Industries has decided to install rooftop solar power systems at three of its factories to support production with clean energy amid global fuel supply uncertainty triggered by the escalating Iran-Israel conflict.
The biscuit manufacturer has signed an agreement with Solaric Ltd for the engineering, procurement and construction (EPC) of solar systems with a capacity of more than 1,000 kilowatt-peak (kWp) at its Madanpur, Kutubpur and Lolati factories.
The project will require an investment of around Tk 41.51 million, which will be financed from the company’s own funds.
Company Secretary Mintu Kumar Das said the initiative aims to reduce dependence on grid electricity, cut carbon emissions and promote a cleaner energy mix. The project cost includes LC prices for imported equipment along with local EPC expenses.
The rooftop solar facilities are expected to improve energy efficiency and operational reliability at the company’s production units while supporting Bangladesh’s renewable energy goals, he added.
Market analysts say the move reflects a growing trend among industrial firms in Bangladesh to adopt renewable energy, driven by energy shortages and rising fuel costs.
Akramul Alam, head of research at brokerage firm Royal Capital, said rooftop solar systems could help the company reduce electricity expenses and lower production costs.
He noted that renewable energy offers a cost-effective path to long-term energy security, protecting businesses from price volatility and supply disruptions.
The decision comes amid heightened tensions in the Middle East after Iran closed the Strait of Hormuz, a crucial global oil shipping route. The disruption has pushed oil and gas prices sharply higher, raising concerns about stable energy supply.
According to international market data, crude oil prices have surged more than 54 percent to about $103 per barrel since the Middle East conflict began on February 28.
Bangladesh depends heavily on energy imports from Middle Eastern countries, including Saudi Arabia, the UAE and Qatar, making the country vulnerable to disruptions in the region.
Currently, about 70 percent of Bangladesh’s energy demand is met by imported fossil fuels, while renewable energy contributes only 3–4 percent of the total energy mix.
Under the Renewable Energy Policy 2025, the government aims to increase renewable energy to 20 percent by 2030 and 30 percent by 2040.
Meanwhile, the board of Olympic Industries has also approved the import of new machinery to expand its corrugated carton production capacity.
The company will import 10 sets of machinery from Hebei Shengli Paper Chest Equipment Manufacturing Co. Ltd at a cost of about $1.52 million (Tk 186.73 million) including freight charges. The equipment will be installed at the company’s Kutubpur factory in Sonargaon.
Olympic Industries recently reported its highest-ever quarterly profit of Tk 625 million for the second quarter of FY26, driven by higher sales and capacity expansion.
Over the past six years, the company has invested more than Tk 4 billion in factory expansion to diversify production and strengthen its presence in the confectionery market.
Foreign investors held 30.26 percent shares in Olympic Industries as of February this year, the second-highest foreign ownership among listed companies.
