People
Short-term and long-term employment has been created through this project in construction, and operations and management of the installed rooftop systems.
| Investee Company | Prism Energy (Private) Limited |
| Sector | Power and energy (Solar Energy) |
| Country | Pakistan |
| Total Project Cost | Confidential |
| PIDG Commitment |
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| Dates of PIDG involvement |
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In 2019, more than 65 per cent of installed generation capacity came from thermal sources (gas, oil, coal), with solar power contributing under 2 per cent of total electricity generation until 2021. Given Pakistan’s year-round exposure to sunlight, there lies great, untapped potential for the country in terms of harnessing solar energy as a resource for clean power generation.
Pakistan introduced net‑metering regulations and renewable energy targets under its 2019 Alternative and Renewable Energy (ARE) policy, which aimed to raise renewable generation capacity to 20 per cent by 2025 and 30 per cent by 2030. Despite this policy intent, uptake of distributed solar remained limited.
PIDG, via InfraCo, entered into a joint venture with local developer Albario Engineering Pvt Ltd (AEPL) in Pakistan, with the aim of promoting renewable energy by demonstrating the commercial viability of the distribution solar model, where energy is sold to a private off taker on a commercial basis and without sovereign guarantees.
The joint venture looks to install distributed solar power project with aggregate capacity of up to 40MW in various cities (Lahore, Islamabad, Karachi, Multan etc.) of Pakistan and envisions to improve electricity supply and grid connectivity.
Short-term and long-term employment has been created through this project in construction, and operations and management of the installed rooftop systems.
Electricity is 100% produced by solar powered installations, with no back up fossil fuels making the investment Paris Aligned. The solar installations cumulatively avoid c. 4,195 tCO2e.
Industrial users experience cost savings from the lower tariffs of electricity generated from the rooftop solar installations.
Successful implementation of the distributed solar energy is expected to crowd-in more private investments in Pakistan’s distribution solar power sector.
TA grants were provided to cover fees associated with the arrangement of local currency debt and feasibility studies for future growth.
