SAP024

Pakistan Distributed Solar Project

Pakistan Distributed Solar Project

Pakistan’s growing energy sector is heavily reliant on fossil fuels, which currently provide around 65 per cent of the country’s energy mix. Significant investment in renewable energy is needed to curb emissions, meet the country's growing energy demand, and transition its sector to green and reliable energy sources. Pakistan has set targets for emissions reduction and has highlighted the importance of scaling renewable energy sources, including solar power in its national plans. However, significant investment barriers exist, making the switch to renewable energy products such as solar photovoltaic (PV) installations challenging.

The project will provide tailored financing solutions for distributed solar PV products to help bridge the financing gap for these investments in Pakistan. A guarantee facility provided by GCF will be deployed to finance 43 MW solar PV installations for households, agribusinesses and small and medium enterprises (SMEs). It will support lending through the existing renewable energy scheme launched by the State Bank of Pakistan (SBP) in which partner banks offer concessional loans to customers to acquire solar PV systems. With the GCF guarantee facility, JS Bank can broaden the scope of the scheme by reaching previously untapped market segments and users. The project will also provide technical assistance to strengthen capacity of solar PV vendors and other key stakeholders and raise market awareness of climate change risks and the benefits of renewable energy solutions.

Total project value

 

Tonnes of emissions avoided

 

Theme

Mitigation

Result areas

Project timeline

Pipeline

26 Mar 2020 - 785 days

Concept note received

26 Mar 2020

Funding proposal received

24 Apr 2020

Cleared by GCF Secretariat

11 Feb 2022

Cleared by iTAP

11 Mar 2022

Approved

19 May 2022 - 38 days so far

Approved by GCF Board

19 May 2022

Under implementation

Completed

One region

  • Asia-Pacific

One country

USD  
  • Financing
    • Private sector
    • Public sector
  • Size
    • Micro
    • Small
    • Medium
    • Large

GCF financing

InstrumentAmount
GuaranteeUSD 9,000,000
GrantUSD 1,000,000
Total GCF Financing
USD 10,000,000

Co-financing

Co-financerInstrumentAmount
Co-FinancingLoanUSD 44,000,000
Total Co-Financing
USD 44,000,000

GCF Contacts

General media inquiries

GCF Communications
Phone +82 32 4458 6338 (KST)
Send e-mail

Request for information

GCF Information Disclosure
Request information about this project

Project complaints and grievances

GCF Independent Redress Mechanism (IRM)
Phone +82 32 458 6186 (KST)
File a complaint

Integrity issues

GCF Independent Integrity Unity (IIU)
Phone +82 32 458 6155 (KST)
Send e-mail

Accredited Entity

JS Bank Limited (Pakistan)
Mr. Ahmed Ateeq
Primary

Group Head - Investment Banking & Structured Finance
Shaheen Commercial Complex Dr. Ziauddin Ahmed Road, P.O. Box 4847 Karachi-74200 Sindh, Karachi, Pakistan
Mr. Syed Ali Hasan
Secondary

Head of Sustainable Initiatives
Shaheen Commercial Complex Dr. Ziauddin Ahmed Road P.O. Box 4847, Karachi, Pakistan
More contacts

National Designated Authority

Pakistan
Ministry of Climate Change
Mr. Syed Mujtaba Hussain
Senior Joint Secretary (IC), Ministry of Climate Change
4th floor, Ministry of Climate Change, LG&RD Complex, G-5/2, Islamabad, Pakistan
Phone +9251-9245585
pakistangcf@gmail.com
Mr. Ahsanullah Khan
Officer in Charge-Climate Finance Unit
3rd Floor, Ministry of Climate Change, LG & Rd Complex, G-5/2, Islamabad, Pakistan
Phone +9251-9245626
pakistangcf@gmail.com

Documents