Karandaaz Supporting Green Financing For Sustainable Development.
LAHORE -- Karandaaz Pakistan is strengthening renewable energy sector by helping more businesses find access to capital through green financing schemes. Karandaaz, as part of its Green Investments portfolio, recently entered into a partnership with Reon Energy Limited, a wholly: owned subsidiary of Dawood Lawrencepur Limited. Under this partnership, Karandaaz has extended a financing facility of PKR 500m to bridge finance the working capital requirements of REON Energy and enhance its capacity to undertake large: scale capital projects in C and I sector.
The PKR 500M facility from Karandaaz will be utilized by Reon to make payments for purchase and installation of imported and local solar equipment including panels, inverters, batteries and other related products for onward installation at specific projects. This Karandaaz financing facility will enable the execution of about 25 MW of solar projects per annum.
Talking about the significance of a shift to a greener energy mix, Waqas ul Hasan, CEO Karandaaz, said, 'Climate change induced shocks can be disastrous for any efforts geared towards Pakistan's sustainable economic growth. Similarly, it is imperative that Pakistan's demand and supply gap for energy is bridged to have a sustained and resilient progress. Pakistan has the potential to save up to 10: 15% of primary energy supply through energy efficiency and conservation1. Businesses must adopt resource efficiency and rely on green: energy sources because such steps will not only help Pakistan have a greener mix of energy but will also reduce financial and environmental costs for the country. To achieve all this, it is imperative that green energy solutions are easily and competitively available for businesses and the financial system is geared up to aid such adoption. Karandaaz is promoting access to the right mix of financial and physical resources for businesses offering renewable energy solutions and incentivizing businesses that have the foresight to want to adopt green energy solutions. Partnerships such as the one between Karandaaz and Reon will demonstrate to the formal financial sector that there are commercial and environmental dividends to be reaped by investing in green businesses.'
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