Status: Approved investment
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The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.

Who is our customer

The SPV is Gharo Solar (Private) Limited (“Gharo Solar”). The Sponsors are (i) Mr. Rana Nasim Ahmed, (ii) Windforce (Pvt) Ltd., (iii) Norsk Solar A.S. and (iv) Mr. Muhammad Khaqan Babar. The Sponsors have extensive experience in the (solar) power sector in project development and construction management. Among others, Mr. Rana Nasim Ahmed is the majority shareholder of the 18 MW Harappa PV solar project in Punjab. This was the first PV solar IPP with sun tracking technology in Pakistan, which reached COD in October 2017.

What is our funding objective?

The debt funding is dedicated to the construction and operation of a 50MWp PV Solar plant in the province of Sindh, in the Islamic Republic of Pakistan. The FMO investment in Gharo Solar is a USD 22.5m MLA investment, parallel to the local commercial banks (i) Bank Alfalah Limited and (ii) the Bank of Punjab.

Why do we fund this investment?

FMO provides the financing as the project will contribute to economic growth by providing additional low-cost and clean power in Pakistan, a country which is currently experiencing power shortages. Furthermore, FMO is additional in providing long-term USD finance which is not otherwise available in Pakistan.

What is the Environmental and Social categorization rationale?

This is a category B+ project with potential limited adverse social and environmental (E&S) risk and / or impacts that are few in number, generally site-specific, largely reversible and readily addressed through mitigation measures. The following IFC Performance Standards are triggered: • PS 1 - Assessment and Management of Environmental and Social Risks and Impacts • PS 2 - Labour and Working Conditions • PS 3 - Resource Efficiency and Pollution Prevention • PS 4 - Community Health, Safety and Security The following performance standards are not triggered: • PS5 - Land Acquisition and Involuntary Resettlement, for the transmission line since the land process falls under the government’s responsibility. In relation to the solar plant, PS5 does not trigger since there is no right to expropriation and an agreement was made with land owners and with no economic displacement; • PS6 - Biodiversity Conservation and Sustainable Management of Living Natural Resources, since there are no protected/important species, habitats or ecosystem services impacted; • PS7 - Indigenous Peoples, since there are no indigenous people in the project’s area of influence; and • PS8 - Cultural Heritage – No archaeological findings or any other particular cultural heritage features were identified as impacted by the project.

More investments

Date Total FMO financing
1/14/2019 USD 8.00 MLN
Publication date
Effective date
Total FMO financing
USD 14.50 MLN
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk Environmental & Social Category
(A, B+, B or C)