KARACHI: K-Solar (Private) Limited (“K-Solar”), a wholly owned subsidiary of K-Electric Limited – the only vertically integrated power utility company in Pakistan – is pleased to announce financial close of its renewable energy project at Bulleh Shah Packaging (Private) Limited (a wholly owned subsidiary of Packages Limited - “BSPL”).

The 7.36 MW solar project is considered as one of the largest private sector B2B Energy Purchase Agreement with a total cost of approximately Rs 1 billion and term of fifteen (15) years.

K-Solar has obtained long-term financing from Faysal Bank Limited (“FBL”) to implement the project. The project is in BSPL’s packaging unit at Kasur, Punjab, and has been targeted to achieve commercial operations within six months.

The project is a testament to K-Solar’s vision to provide green and affordable energy through ecofriendly energy solutions and will generate 10,466 mega-watt hours of clean energy in the first year of operations.

It is expected that the project will lead to a substantial reduction of approximately 72,262 metric tons of carbon emissions during the term, significantly contributing to the reduction of the industry’s carbon footprint.

Aamir Ghaziani, the Chairman Board K-Solar, expressed his enthusiasm for the collaboration, stating, “Our partnership heralds a new era of sustainable energy, thus paving the way towards a brighter and greener future where we envision a transformative impact for years to come.

“This project marks a significant moment for K-Solar as we venture into our first Energy Purchase Agreement and witness the project unfolding into a paradigm shift for the energy landscape. I extend my sincere appreciation to all stakeholders involved – from the esteemed Faysal Bank to our valued customer, BSPL, and other stakeholders who have helped us to execute the transaction. Our collective endeavor underscores our shared commitment to pioneer renewable energy solutions as we lay the groundwork for a sustainable energy future for Pakistan.”

Salman Ahmed Khan, Head of Investment Banking at Faysal Bank, further added, “There is a lot of focus on climate finance globally and now locally as well. We look forward to playing a positive role in fostering green and sustainable practices.”

By emphasising their shared vision for a cleaner and more sustainable energy solutions, this strategic partnership demonstrates their dedication to advancing Pakistan’s industrial sector towards environment friendly energy alternatives. This partnership also sets a precedent and demonstrates K-Solar’s vision in showing how renewable energy and distributed generation space can foster beneficial transformation within the energy industry.