Meezan Bank and BSEPL Close USD 5.4 Million Syndicated Islamic Finance Facility for Solar Power Project in Pakistan

Meezan Bank and BSEPL Close USD 5.4 Million Syndicated Islamic Finance Facility for Solar Power Project in Pakistan

https://islamicmarkets.com/articles/meezan-bank-and-bsepl-close-usd-5-4-million-syndicated-islamic
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Pakistan’s Meezan Bank and Burj Solar Energy Private Limited (BSEPL) have announced the financial close of a PKR 1 billion (USD 5.4 million) syndicated Islamic finance facility for BSEPL’s portfolio of renewable distributed power generation in the country on the 11th of April 2022.

Why it Matters?

The first tranche of PKR 580 million (USD 3.2 million) would be used to build a 7-megawatt (MW) solar power plant for Power Cement Limited on the Karachi-Hyderabad Motorway. Power Cement Limited will rent the solar power plant for a twenty-year period, and the solar energy generated will be used at the company's cement plant in Nooriabad, generating 220-gigawatt-hours (GWh) solar units over a twenty-year period and cutting electricity costs while...