InfraZamin Pakistan and Saudi Pak Industrial and Agricultural Investment Co Ltd signed a landmark transaction to provide an 11.5-year Distributed Solar Financing Facility to Acumen Energy Limited (Acumen) for PKR 1.28 billion. The Facility will be backed by a PKR 1.04bn credit guarantee to Saudi Pak and will mark InfraZamin’s first foray into renewable energy. The transaction, supported by Private Finance Advisory Network (“PFAN”) and Capital Resource as the advisors, will enable Acumen Energy Limited to finance the development of approximately 12 MW of solar power projects across Pakistan.
Climate financing is a key focus area for the both InfraZamin and Saudi Pak underscoring their commitment to supporting sustainable development. Acumen Energy Ltd, a majorly owned subsidiary of the Ghulam Rasool and Company is a greenfield venture that aims to provide cost-efficient, environmentally sustainable power to commercial and industrial customers. With significant savings of CO2 emissions – approximately 6,500 tons annually, this project would also try to tap into the lucrative carbon credit market over its lifetime.
Maheen Rahman, CEO of InfraZamin Pakistan, stated: “This transaction represents our mission to enable private sector participation in sustainable infrastructure development. By providing a credit guarantee for renewable energy projects, InfraZamin is paving the way for affordable and clean energy solutions that align with Pakistan’s climate goals. This Facility is the longest tenor we have guaranteed to date and is a landmark transaction that will open the door to long-term financing of infrastructure which is commensurate with the needs of the business. We are grateful to the vision of Saudi Pak and Acumen leadership, with whom we have worked alongside, to help bring this transaction to culmination.”
