KARACHI, December 13, 2024: InfraZamin Pakistan, in partnership with Saudi Pak Industrial and Agricultural Investment Co Ltd, has signed a significant agreement with Acumen Energy Limited to provide an 11.5-year Distributed Solar Financing Facility worth PKR 1.28 billion. This landmark deal is backed by a credit guarantee of PKR 1.04 billion and marks InfraZamin’s entry into the renewable energy sector, opening doors for long-term financing solutions in Pakistan’s growing green energy landscape.
Acumen Energy, a subsidiary of Ghulam Rasool and Company, will utilize this facility to finance the development of around 12 MW of solar power projects across Pakistan. These projects aim to provide affordable, environmentally sustainable energy to industrial and commercial customers while contributing to Pakistan’s climate goals. The solar power generation will help reduce approximately 6,500 tons of CO2 emissions annually, and the projects will also tap into the burgeoning carbon credit market.
Maheen Rahman, CEO of InfraZamin Pakistan, expressed her excitement about the collaboration: “This financing is a testament to InfraZamin’s commitment to advancing private sector participation in sustainable infrastructure projects. By facilitating clean energy financing, we are not just meeting Pakistan’s energy needs but also aligning with the country’s climate goals. This is the longest financing term we have provided to date and a crucial step in building Pakistan’s renewable energy future.”
The partnership highlights the growing role of climate financing in Pakistan, with InfraZamin and Saudi Pak taking a leading role in supporting the development of renewable energy projects. Naeem ul Hasan, CEO of Acumen Energy, noted, “This project will provide cost-effective solar power to businesses across Pakistan while generating local economic opportunities. We are grateful to InfraZamin for their support in bringing this project to life.”
Rizwan Ahmed, CEO of Saudi Pak, added, “This collaboration is a step towards building a cleaner, more sustainable future for Pakistan. We are proud to support this transformative renewable energy initiative.”
The financing deal was facilitated by the Private Finance Advisory Network (PFAN) and Capital Resource, both of which have provided essential advisory services to help bring the project to fruition.
InfraZamin, a AAA-rated credit enhancement firm, is known for its focus on infrastructure development and sustainable projects, while Saudi Pak brings over 40 years of experience in financing impactful, development-focused projects across Pakistan. Acumen Energy, an emerging leader in renewable energy, aims to provide affordable and clean solar energy solutions to a wide range of industries.
Together, the collaboration between InfraZamin, Saudi Pak, and Acumen Energy is set to drive Pakistan’s transition to a greener, more sustainable energy future, creating long-term value for the country’s economy and environment.
