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K-Solar, Faysal Bank, and Bulleh Shah Packaging collaborate to launch a 7.36 MW solar power project

19 FEB 2024 PV JOURNAL

K-Solar (Private) Limited, a subsidiary of K-Electric Limited, has successfully reached the financial closure for its solar energy initiative at Bulleh Shah Packaging (Private) Limited, also a subsidiary of Packages Limited. This 7.36 MW solar venture, one of the largest private sector business-to-business (B2B) energy agreements, involves an investment of around Rs1 billion for a duration of fifteen years. Funded by long-term financing from Faysal Bank Limited, the project is situated in the packaging facility of BSPL in Kasur, Punjab, with an aim to start commercial operations within six months.

The initiative underscores K-Solar's commitment to fostering green, cost-effective energy solutions, projecting to produce 10,466 megawatt-hours of clean energy annually at the outset. It is anticipated that over its lifespan, the project will reduce carbon emissions by roughly 72,262 metric tons, thus making a significant dent in the industry's carbon footprint.

Chairman of K-Solar, Mr. Aamir Ghaziani, expressed excitement over this collaborative effort, highlighting it as a milestone towards sustainable energy development and a testament to the collective vision of reducing environmental impact. He praised the role of stakeholders including Faysal Bank and BSPL in achieving this milestone. Mr. Salman Ahmed Khan from Faysal Bank also emphasized the growing importance of climate finance and the bank's eagerness to support green, sustainable initiatives.

This strategic alliance not only advances Pakistan's industrial sector towards more eco-friendly energy sources but also serves as a model for the transformative potential of renewable energy in reshaping the energy sector.