In a bid to encourage renewable energy in Pakistan, the State Bank of Pakistan has relaxed its conditions for renewable energy solution providers. The initiative comes under the Refinance Scheme for Renewable Energy which was introduced by the central bank. The State Bank issued a statement that says it aims to promote investment in renewable energy solution companies.
The State Bank said,
“Now, all renewable energy investment entities (REIEs), interested in installing renewable energy projects/ solutions, are allowed to avail financing under category-III of the scheme”
The bank further emphasized the role of renewable energy investment entities as a business enterprise. these enterprises are responsible for leasing, renting, selling electricity that is generated through these projects. The State Bank has also revised its Finance Scheme that will further help to address climate change challenges and the energy shortfall faced by the country.
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