A joint venture (JV) agreement has been signed in solar energy sector worth 700 million USD.
Chinese company Hanersun Technologies and Pakistani company My Energy have agreed to collaborate on the provision of 500 MW solar system projects.
The agreement was signed at a ceremony held at a local hotel, with Vice President of Hanersun Technologies, Sunny Sun, and CEO of My Energy, Tariq Wazir Ali, signing the agreement.
Under the terms of the JV, an investment of 700 million USD will be made for the joint venture involving different 500 MW solar projects. This will include the establishment of distribution networks, dealers networks, warranty and service centers, as well as flagship stores.
Speaking at the signing ceremony, CEO My Energy, Tariq Wazir Ali, emphasized the importance of providing sustainable energy solutions in a country that currently relies heavily on expensive furnace oil and diesel for electricity generation. He highlighted the potential for significant cost savings and the need to shift towards cleaner energy sources such as solar power.
Ali also stressed the importance of focusing on the steel and agriculture sectors in terms of solar energy solutions.
He announced plans to complete several 500 MW projects under the joint venture within the first year.
