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.