Pakistan: Meezan Bank, an Islamic bank, and Burj Solar Energy (BSE) have announced the completion of a US$5m syndicated Islamic finance facility for BSE's portfolio of renewable distributed power generation in Pakistan.
A first tranche of US$3.2m will be used to finance the construction of a 7MW solar power plant for Power Cement on the Karachi-Hyderabad Motorway. The solar power plant will be rented to Power Cement under a 20-year equipment rental agreement to supply the company's cement plant in Nooriabad. It will generate 220GWh solar units for 20 years and, in addition to reducing cost of electricity, will offset 112,000t of CO2 emissions. The project is expected to start generating power in July 2022.