By Rafiq Vayani
KARACHI: 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.”
Sharing his thoughts, Naeem ul Hasan, Director and CEO of Acumen Energy Limited, remarked: “We are grateful for InfraZamin’s support in making this project a reality. By enabling cost-effective solar power solutions, we aim to transform energy access for customers across the country, driving economic growth while reducing environmental impact. The impact of this project will be diverse, generating business opportunities worth approximately PKR 1,600 million for local suppliers, including solar panels, steel, cables, wires, and engineering sectors, to name a few. I would also like to take this opportunity to thank the USAID funded Private Finance Advisory Network (hosted by UNIDO and REEEP) and Capital Resource for their unwavering support, over the years, in conceiving and executing this land mark transaction”
Adding his thoughts on the development, Rizwan Ahmed, General Manager and Chief Executive Officer of Saudi Pak Industrial and Agricultural Investment Company Ltd. commented: “This collaboration underscores our commitment towards advancing renewable energy projects in the country. Saudi Pak is proud to work alongside InfraZamin Pakistan and Acumen Energy Limited in driving Pakistan’s transition to a greener and more sustainable energy future. Together, we are not just financing projects but building a cleaner and more resilient economy.”
