Gharo Solar Limited
Gharo Solar Limited (the “Company”) was incorporated in June 2016 with the object to establish a Complex consisting of 50 MWp solar PV power plant near Gharo, District Thatta, Sindh. National Electric Power Regulatory Authority (‘NEPRA”) issued tariff and generation license on January 25, 2018 and July 17, 2018 respectively (each as amended from time to time). The Company had executed Energy Purchase Agreement (“EPA”) with K Electric Limited (the “Purchaser”) on September 26, 2018. The Company achieved financial close on January 24, 2019.
The company has incurred a cost of Rs. 6 billion (Approximately) for the development of the project. The cost has been financed through a mix of debt and equity ratio of 75:25. A syndicate financing arrangements were made. USD 22.5 million were financed by foreign lender and Rs. 2,128 million were financed by local lenders. The door to door debt tenor is thirteen years excluding one year of grace period. Local loan is refinanced under State Bank of Pakistan’s REFF scheme.
The Company has successfully commissioned 50 MWp PV Solar Farm near Deh Ghairabad, Mirpur Sakro, District Thatta, Sindh. All energy from the project will be sold to K-Electric Limited, Pakistan’s only privatized and vertically integrated power utility. The project is the most advanced solar plant in Pakistan to date with bifacial modules and single axis trackers. The company takes pride in successfully implementing the project in self EPC mode at a challenging site with high water table and C5 level corrosion.
The project commenced commercial operations on December 23, 2019 and has been operating successfully.
Gharo Solar Limited has successfully commissioned 50 MWp PV Solar Farm near Deh Ghairabad, Mirpur Sakro, District Thatta, Sindh. All energy from the project will be sold to K-Electric Limited, Pakistan’s only privatized and vertically integrated power utility. The project is the most advanced solar plant in Pakistan to date with bifacial modules and single axis trackers. The company takes pride in successfully implementing the project in self EPC mode at a challenging site with high water table and C5 level corrosion.
The project commenced commercial operations on December 23, 2019 and has been operating successfully to date.
Harappa Solar (Pvt.) Limited has successfully commissioned 18 MWp PV Solar Farm near Harappa Bypass, Tehsil and District Sahiwal, Punjab. The Project is the first solar power plant in the private sector to be commissioned with single-axis tracking technology.
The project commenced commercial operations on October 14, 2017 and has been supplying uninterrupted electricity to the National Grid since then.
Kathai-II Hydro (Pvt.) Limited, a special purpose entity, is developing an 8 MW small hydropower project located on Kathai Nullah in District Jhelum Valley, Azad Jammu and Kashmir (the “Project”).
The Project is a high-head, run-of-river scheme and is expected to be one of the pioneering small hydropower plants to be commissioned in the private sector. It is currently one of the few projects to have reached an advanced stage of development. The Company has been issued Letter of Support (“LOS”) by the Private Power and Infrastructure Board (“PPIB”) on November 20, 2019.