KARACHI — K-Solar (Private) Limited, a wholly owned subsidiary of K-Electric Limited, has achieved financial close for its groundbreaking renewable energy project in collaboration with Bulleh Shah Packaging (Private) Limited (a wholly owned subsidiary of Packages Limited). The project involves the installation of a 7.36 MW solar power facility at BSPL’s packaging unit in Kasur, Punjab.

Key Highlights:

  • B2B Energy Purchase Agreement: The 7.36 MW solar project represents one of the largest private sector B2B Energy Purchase Agreements in Pakistan. With a total cost of approximately Rs 1 billion and a term of fifteen (15) years, this initiative underscores the commitment to sustainable energy solutions.
  • Long-Term Financing: K-Solar secured long-term financing from Faysal Bank Limited (FBL) to implement the project. This collaboration demonstrates the synergy between the banking sector and the renewable energy industry.
  • Green and Affordable Energy: The solar facility aims to provide green and affordable energy, contributing to a cleaner environment. It is projected to generate 10,466 mega-watt hours of clean energy in its first year of operation.
  • Carbon Emission Reduction: Over the project’s term, it is expected to reduce approximately 72,262 metric tons of carbon emissions, making a significant impact on the industry’s carbon footprint.
  • Transformative Impact: Aamir Ghaziani, Chairman of the Board at K-Solar, expressed enthusiasm for the collaboration, emphasizing the transformative impact this project will have on Pakistan’s energy landscape.
  • Advancing Sustainable Practices: Salman Ahmed Khan, Head of Investment Banking at Faysal Bank, highlighted the global focus on climate finance and the bank’s commitment to fostering green and sustainable practices.

This strategic partnership sets a precedent for the renewable energy sector, demonstrating how distributed generation can drive positive change within the industry. K-Solar’s vision aligns with a greener and more sustainable future for Pakistan, where energy solutions prioritize environmental well-being.

About K-Solar: K-Solar, a subsidiary of K-Electric Limited, is committed to pioneering renewable energy solutions and driving Pakistan towards a sustainable energy future.

About Faysal Bank Limited: Faysal Bank Limited is a leading commercial bank in Pakistan, dedicated to promoting responsible banking practices and supporting environmentally conscious initiatives.

About Bulleh Shah Packaging: Bulleh Shah Packaging, a subsidiary of Packages Limited, is a renowned name in the packaging industry, committed to excellence and innovation.

Disclaimer: This news article is for informational purposes only and does not constitute financial advice or endorsement.

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