KARACHI: Meezan Bank, Pakistan\u2019s leading Islamic bank and Burj Solar Energy Private Limited (BSEPL) are pleased to announce the financial close of PKR 1 billion syndicated Islamic finance facility for BSEPL\u2019s portfolio of renewable distributed power generation in Pakistan. The first tranche of PKR 580 million will be used to finance the construction of 7 MW solar power plant for Power Cement Limited on Karachi Hyderabad Motorway. Meezan Bank led the transaction as the Mandated Lead Arranger and Pakistan Kuwait Investment Company (Private) Limited participated as the Co-Arranger. The transaction structure is based on State Bank of Pakistan\u2019s Islamic Financing Facility for Renewable Energy (IFRE) and a commercial facility. The solar power plant will be rented to Power Cement Limited under a twenty-year equipment rental agreement and the solar energy generated will be used by the company\u2019s cement plant in Nooriabad. DNA
\nIt will generate 220 GWh solar units for twenty years and in addition to reducing cost of electricity, will offset 112,000 tons of CO2 GHG emissions. The project is expected to start generation in July, 2022.
\nLegal counsel for the financiers were Mohsin Tayebaly & Co. while Kabraji & Talibuddin Advocates and Legal Counsels acted as BSEPL\u2019s legal counsel. Orient Energy Systems (Private) Limited is the turnkey EPC contractor for the project.
\nMr. Ariful Islam, Deputy CEO, Meezan Bank, while commenting on the occasion said,\u2019Meezan Bank is comitted to actively support and pursue green energy intiatives. Meezan has played a key role the financingof several renewable energy projects aggregating to 380 MW, as Lead or Co-lead manager and also participated in the debt syndications of two large hydro-electric projects being set-up by the Government of Pakistan \u2013 Neelum Jhelum and Dasu.
\nBurj Energy is an excellent initiativet that will facilitate distributed affordable solar initiatives corporates, small and medium enterprises as well as the individual consumers.\u2019 He said the Meezan has also implemented a number of green initiatives by installing solar at 59 branches branches and 140Kw solar at its Head Office. Its new regional office building in Islamabad is also being designed to be Platinum Lead certified.
\nMr. Saad Zaman, Chairman of BSEPL and Burj Energy International Management Limited UAE, said, \u2018I am very pleased that we have successfully reached the financial close of the 7 MW solar farm for Power Cement Limited. This is one more success for our company and a significant moment for development of hybrid renewable energy projects in Pakistan. This successful financial close reflects the ongoing interest and trust of leading financial institutions in the Pakistani renewables\u2019 market and Burj Group.\u2019
\nMr. Kashif Habib Chief Executive Officer Power Cement Limited, said: \u2018Our future is dependent on green, sustainable and renewable source of energy. By installing this 7 MW solar farm, we are taking the first step towards our hybrid solar & wind energy project.
\nWe shall keep playing our part in making our production process more environment-friendly and positively impactful for the eco-system we live in. It is high time that we look towards other viable energy options that are clean and green.<\/p>\n","protected":false},"excerpt":{"rendered":"
KARACHI: Meezan Bank, Pakistan\u2019s leading Islamic bank and Burj Solar Energy Private Limited (BSEPL) are pleased to announce the financial close of PKR 1 billion syndicated Islamic finance facility for BSEPL\u2019s portfolio of renewable distributed power generation in Pakistan. The first tranche of PKR 580 million will be used to finance the construction of 7 […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-254453","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n