Under NEPRA’s CSR initiative “Power with Prosperity,” Akhuwat, KE, and Engro will collaborate to make solar energy more accessible to Pakistan’s underserved communities.
To help alleviate energy poverty and make solar power more accessible, NEPRA’s CSR initiative “Power with Prosperity” brought together Akhuwat Islamic Finance (AIM), K-Electric, and Engro Energy, who signed a Memorandum of Understanding (MoU) today at NEPRA HQ to offer interest-free microfinance loans (Qarz-e-Hasna) to households and small business owners for the installation of solar photovoltaic systems. Mr. Tauseef H. Farooqi, a visionary leader, led the three in collaboration.Chairman NEPRA, who launched Power with Prosperity Fund earlier this year to initiate mega CSR projects to uplift the underprivileged communities of the country.
This endeavour comes at a time when solar power accounts for less than 2% of the total energy mix. Under Prime Minister Imran Khan’s leadership, the government intends to increase the share of clean and green energy in the total energy mix to 60% by 2030. This initiative by NEPRA will prove to be a game-changer and an avenue to provide affordable access to a clean energy source for homeowners and small businesses.
KE and Engro Energy are providing a total revolving grant of PKR 15 million to Akhuwat for this reason, which will be used to build a specialised credit pool for loan debtors. The loan would be for a maximum of 36 months, with a minimum loan size of PKR 20,000 and no interest rate.
Elated at the occasion, Mr. Tauseef H. Farooqi – Chairman, NEPRA said, “Extremely delighted to see that different organizations are gathering today under NEPRA’s CSR banner of Power with prosperity. As a regulator, NEPRA is striving to create an enabling environment to promote the culture of shared value and inclusiveness in the power sector. This initiative is one among many other steps taken by NEPRA in the recent past to bring improvement in the power sector’s culture. Moreover, nearly 30% of Pakistanis are still living today without electricity, NEPRA is leading such initiatives to bridge this gap between the served and unserved communities of Pakistan. It is the moment of ultimate satisfaction that NEPRA is facilitating a partnership between power companies and social development organizations for the benefit of all such communities at large. We appreciate Engro Power and K-Electric for playing remarkable role in our efforts in promoting the use of green energy for greener Pakistan. We are also sure that as these companies have set an example for all other companies in the sector to follow and join hands in the near future.”
Chairman Akhuwat Foundation, Dr. Amjad Saqib said, “It is one of its kind initiative in Pakistan that organizations are collaborating on such scale to make renewable energy solutions easily affordable for the masses. This initiative is not only a milestone towards reducing energy poverty in the country but also a step towards making a carbon-free future. We will look forward to seeing more members of the power industry joining hands and taking the lead in realizing NEPRA’s vision of Power with Prosperity.”
Mr. Moonis Alvi, CEO – K-Electric, while expressing his support to the initiative, added, “As the world is focusing on addressing the climate change problem, K-Electric is leading various projects for environment protection and sustainability. I am pleased that K-Electric is also contributing to this solarization project that coincides with Social Development Goal (SDG) 7, which is to make renewable energy more accessible for all. It is also inspiring to see that the honorable Chairman and Members from the NEPRA Authority have a special focus on societal development which encourages organizations to undertake ambitious community upliftment programs.”
Mr. Ahsan Zafar Syed, CEO, Engro Energy Limited; expressed his opinion “Engro, has a rich legacy of always playing a part in solving the most pressing issues of our times. Our social interventions ensure that our stakeholder communities are the main beneficiaries and are a part of our inclusive business model. This partnership with Akhuwat; is in line with our efforts to play a part in the transformation which is taking place in the energy landscape of Pakistan and ensuring the masses are able to benefit from accessible and affordable energy. Engro stands together with NEPRA in powering prosperity and playing a part in bringing social welfare through such initiatives in Pakistan.”