KARACHI: Burj Capital and ET Solar Energy Corp have signed Memorandum of Understanding (MOU) for setting up solar power projects in Pakistan in next 18 months.
The MOU was signed by Saad Zaman, Chairman of Burj Capital, and Dennis She, Chief Executive Officer and President of ET Solar. The MOU stipulates joint development and financing of solar energy projects in Pakistan, commencing with 50MW plants in Pakistan, for which the application for issuance of Letter of Intent (LOI) has already been filed with the Alternate Energy Development Board, Ministry of Water and Power, Government of Pakistan.
Saad Zaman, in a statement, said he sees great potential in the largely untapped solar power generation sector in Pakistan, citing the data from solar radiation studies. Welcoming ET Solar as one of the premier global names in solar power development for their inaugural project in the country, he expressed confidence in taking the partnership with ET Solar forward to developing additional projects in Pakistan and internationally.
Dennis She relayed ET Solar’s pride/excitement at being one of the first companies to explore this sector in Pakistan, saying the decision to invest in the sector is in line with the company’s focus on investment in developing countries and based on ET Solar’s strong EPC competence and determined strategy of being a leading global developer and IPP player. He further stated ET Solar’s intent of developing further projects in Pakistan over the next 18 months.
