LSE SPAC-I acquires 19.04% stake in Ningbo Green Light Energy
- Invests Rs230 million in Ningbo Green Light Energy, a leading solar solutions provider, boosting green energy
LSE SPAC-I, Pakistan's first SPAC, acquired a 19.04% stake in solar energy provider Ningbo Green Light Energy for Rs230 million following its successful IPO.
- LSE SPAC-I's acquisition of a solar energy provider.
- Pakistan's first Special Purpose Acquisition Company (SPAC).
- Ningbo Green Light Energy's solar solutions in Pakistan.
LSE SPAC-I Limited said on Tuesday that following its successful IPO, it had paid Rs230 million for the acquisition of 19.04% equity stake in Ningbo Green Light Energy Limited.
The company informed the Pakistan Stock Exchange today.
Ningbo Green Light Energy Limited is a leading solar energy solutions provider and EРС company in Pakistan, partly owned by Ningbo Green Light Energy Group Company Limited, said the notice.
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There has been a growing shift towards alternative energy sources in Pakistan, especially solar, which has become increasingly popular among residential and commercial sectors.
The South Asian nation of about 224 million people depends heavily on imported oil and liquefied natural gas, leaving it vulnerable to global price swings.
Fuel shortages resulting from the Iran war and the effective closure of the Strait of Hormuz have prompted the government to scramble for alternative energy sources, while introducing austerity measures such as shorter office hours.
LSE SPAC-I is Pakistan’s first Special Purpose Acquisition Company under the public offering regime. The company aims to raise funds for mergers or acquisitions within three years.
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