Burj Clean Energy inks deal for 7.5 MW wind project
- Agreement structured on a Build, Own, Operate, and Transfer (BOOT) model
Burj Clean Energy Modaraba (BCEM) and Pakistan Cables Limited signed a BOOT agreement for a 7.5 MW wind power project, financed by HBL, promoting green energy in Pakistan.
- The 7.5 MW wind power project.
- The Build, Own, Operate, and Transfer (BOOT) model.
- Habib Bank Limited's project financing.
- BCEM's commitment to sustainable energy.
Burj Clean Energy Modaraba (BCEM), the first listed Islamic green energy fund on the Pakistan Stock Exchange (PSX), said on Wednesday that it entered into a lease agreement with Pakistan Cables Limited.
The agreement was structured on a Build, Own, Operate, and Transfer (BOOT) model, for the development, installation, ownership and operation of a 7.5 MW wind power project at the company’s manufacturing facility in Nooriabad, Sindh, the company informed via a notice to the PSX today.
The notice added that in connection with the project, Habib Bank Limited (HBL) had extended a project financing facility to the Modaraba.
READ MORE: Deal signed under 20-year BOOT model: Burj, PCL to develop and finance first wind power project
“The project represents an important step towards the Modaraba’s commitment to promoting clean and renewable energy solutions and supporting the transition towards sustainable power generation in Pakistan,” the BCEM said.
Under the BOOT arrangement, the Modaraba will develop, own and operate the wind power project, providing renewable energy to Pakistan Cables Limited.
The project is expected to contribute towards reducing reliance on fossil fuel-based energy, improving energy efficiency and supporting the long-term sustainability objectives of the participating parties, the notice said.