Staff Reporter
Karachi
State Bank of Pakistan has enhanced the scope of its Refinance Scheme for Renewable Energy by allowing financing under category III of the scheme to solar and wind based energy sale companies. In light of the feedback received from stakeholders, the size of the project established by vendor/ supplier/ energy sale company has been enhanced from 1 MW to 5 MW.
Accordingly, the cumulative financing limit has also been increased from Rs.1 billion to Rs.2 billion. Details are provided in the circular at: http://www.sbp.org.pk/smefd/circulars/2020/CL23.htm. SBP Financing Scheme for Renewable Energy was announced in June 2016 with an aim to help addressing the challenges of energy shortages and climate change in the country. The scheme comprised of two categories: Category 1 allowed financing for setting up of renewable energy power projects with capacity ranging from 1 MW to 50 MW for own use or selling of electricity to the national grid or combination of both. Category II allowed financing to domestic, agriculture, commercial and industrial borrowers for installation of renewable energy based projects/ solutions of up-to 1 MW to generate electricity.
