LAHORE: A significant milestone in the realm of solar energy has been reached as a joint venture agreement, valued at USD 700 million, has been inked.
The agreement, focused on the solar energy sector, brings together the expertise of Chinese firm Hanersun Technologies and Pakistani counterpart My Energy. The collaboration aims to spearhead the development of 500 MW solar system projects. The formal signing ceremony took place at a local hotel, with Vice President of Hanersun Technologies, Sunny Sun, and CEO of My Energy, Tariq Wazir Ali, sealing the deal.
The joint venture entails an investment of USD 700 million, earmarked for various 500 MW solar projects. This encompasses the establishment of distribution networks, dealer networks, warranty and service centers, alongside flagship stores.
During the ceremony, CEO of My Energy, Tariq Wazir Ali, underscored the critical importance of offering sustainable energy solutions in a nation heavily reliant on costly furnace oil and diesel for power generation. He underscored the potential for substantial cost reductions and advocated for a transition towards cleaner energy alternatives, notably solar power.
Ali also outlined plans to expedite the completion of multiple 500 MW projects within the inaugural year, with a specific focus on bolstering solar energy solutions in the steel and agriculture sectors.
Vice President of Hanersun Technologies, Sunny Sun, acknowledged the prevailing dearth of quality solar energy products in Pakistan and affirmed the company’s dedication to collaborating with My Energy to remedy this shortfall. He emphasised the joint venture’s commitment to providing accessible energy solutions to Pakistanis while championing sustainable energy practices nationwide.
Copyright Business Recorder, 2024
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