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Renewable Energy Projects to get enhanced financing

The State Bank of Pakistan has enhanced the scope of financing facility for the establishment of new power projects using renewable energy with a view to promoting the use of renewable energy and meeting the growing electricity demand of the country. According to a circular issued by the central bank, it has now been decided that banks/DFIs can also consider financing requests of the sponsors for setting up power projects up to a maximum capacity of 20MW in cases where only biomass/ biogas is used as a renewable energy source, keeping in view the terms and conditions of the scheme for financing power plants by using renewable energy. The country is experiencing severe energy crisis which subsequently has suspended the national growth, economic activities and industrial sectors. It may be recalled here that earlier under the scheme, which was announced by the SBP in 2009, the financing facility was allowed for the establishment of new power projects using renewable energy with a capacity of up to 10MW.

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