KARACHI: Yellow Door Energy, the largest distributed solar developer in Pakistan and the Middle East, announced it has signed a solar power purchase agreement ('PPA') with Hinopak Motors Limited.
The solar plant will have a capacity of 1.6 megawatt-peak, and is expected to produce 2,530 megawatt-hours of clean energy in the first year of operation.
Close to 3,000 solar panels will be installed on the roofs of Hinopak’s assembly & production plants in Karachi. The solar plant will meet 70% of the buildings’ energy consumption needs and help avoid carbon emissions by 1,800 metric tons.
Naushad Riaz, Vice President (Production Operations & Business Planning) at Hinopak Motors Limited, said: “At Hinopak Motors, we strive to be environmentally responsible while remaining competitive with our prices. The solar power purchase agreement with Yellow Door Energy helps us substantially reduce our energy bills while contributing to Pakistan’s renewable energy targets.”
Umer Farooq, Country Director of Yellow Door Energy Pakistan, said: “This is Yellow Door Energy’s first project in Karachi, and we are honored to partner with Hinopak Motors. Our company continues to support Pakistan businesses reduce energy costs, enjoy energy independence, and switch to clean energy through our solar power purchase agreements.”
As the solar developer, Yellow Door Energy is responsible for financing, designing, building, commissioning, operating, and maintaining the solar plant for the duration of the agreement. By working with solar developers, leading businesses can reduce their energy costs without any upfront investment or operational risk, while maintaining focus on their core business and enjoying the benefits of clean energy, it says.
This is in line with Pakistan’s commitment to increase the share of renewables in its energy mix to 60% by 2030, as indicated in its Nationally Determined Contributions 2021.
This content was produced by an external party/sponsor. Business Recorder does not have any editorial input or oversight of this content, nor does this necessarily reflect the views of Business Recorder or any of its affiliated entities.
Business Recorder is not responsible for accuracy, timeliness, any errors or omissions, or for the results obtained from the use of this information.
Comments
Comments are closed for this article.