GuarantCo, Bank Alfalah grant $5.2m for solar plants in Pakistan

The 10 MW small rooftop solar projects will help reduce 10,200 of CO2 emissions yearly.

UK-based financial institution GuarantCo and Pakistan-based financial institution Bank Alfalah have provided solar energy developer Shams Power with $5.2m (PKR 1.5b) of investment in 10 MW small rooftop and mounted solar plants in Pakistan.

All projects involved are found across Pakistan to reach grid-connected businesses.

Funds will be directed to the construction of additional 10 MW solar projects over Pakistan. The second phase aims to follow the success of the first transaction, alongside partners including Bank Alfalah and Capital Resource.

The support towards solar projects in Pakistan will help reduce dependence on the power grid, saving over 10,200 carbon dioxide emissions annually.

ALSO READ: Avaada Group to develop 6 GW hybrid wind, solar projects in Gujarat

Shams Power has a portfolio of over 27 projects and an installed capacity of 25 MW across the country, in addition to a capacity of 21.2 MW under the first phase of the $11.3m (PKR 2b) funded by GuarantCo and Bank Alfalah in December 2021.