SAP024
Pakistan Distributed Solar Project
Pakistan Distributed Solar Project
Pakistan’s growing energy sector is heavily reliant on fossil fuels, which currently provide around 65 per cent of the country’s energy mix. Significant investment in renewable energy is needed to curb emissions, meet the country's growing energy demand, and transition its sector to green and reliable energy sources. Pakistan has set targets for emissions reduction and has highlighted the importance of scaling renewable energy sources, including solar power in its national plans. However, significant investment barriers exist, making the switch to renewable energy products such as solar photovoltaic (PV) installations challenging.
The project will provide tailored financing solutions for distributed solar PV products to help bridge the financing gap for these investments in Pakistan. A guarantee facility provided by GCF will be deployed to finance 43 MW solar PV installations for households, agribusinesses and small and medium enterprises (SMEs). It will support lending through the existing renewable energy scheme launched by the State Bank of Pakistan (SBP) in which partner banks offer concessional loans to customers to acquire solar PV systems. With the GCF guarantee facility, JS Bank can broaden the scope of the scheme by reaching previously untapped market segments and users. The project will also provide technical assistance to strengthen capacity of solar PV vendors and other key stakeholders and raise market awareness of climate change risks and the benefits of renewable energy solutions.
Project timeline
Pipeline
26 Mar 2020 - 785 days
Concept note received
26 Mar 2020
Funding proposal received
24 Apr 2020
Cleared by GCF Secretariat
11 Feb 2022
Cleared by iTAP
11 Mar 2022
Approved
19 May 2022 - 504 days
Approved by GCF Board
19 May 2022
Legal opinion on AE's Internal Approval
09 Sep 2022
FAA executed
07 Apr 2023
Under implementation
04 Oct 2023 - 334 days so far
FAA effective
04 Oct 2023
Disbursement - USD 200,000
29 May 2024
Disbursement - USD 3,000,000
29 May 2024
To be completed
04 Oct 2033 - 3,320 days to go
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Financing
- Private sector
- Public sector
-
Size
- Micro
- Small
- Medium
- Large
GCF financing32% disbursed
Instrument | Amount |
---|---|
Guarantee | USD 9,000,000 |
Grant | USD 1,000,000 |
Total GCF Financing |
---|
USD 10,000,000 |
Co-financing
Co-financer | Instrument | Amount |
---|---|---|
Co-Financing | Loan | USD 44,000,000 |
Total Co-Financing |
---|
USD 44,000,000 |
GCF Contacts
General media inquiries
GCF CommunicationsSend e-mail
Request for information
GCF Information DisclosureRequest information about this project
Project complaints and grievances
GCF Independent Redress Mechanism (IRM)Phone +82 32 458 6186 (KST)
File a complaint
Integrity issues
GCF Independent Integrity Unity (IIU)Phone +82 32 458 6714 (KST)
Send e-mail
Accredited Entity
![](https://www.greenclimate.fund/sites/default/files/organisation/logo-jsbank.png)
JS Bank Limited (Pakistan)
Group Head - Investment and International Banking
Head - Investment Banking Group
More contacts
National Designated Authority
Ministry of Climate Change and Environmental Coordination
Additional Secretary I
2nd Floor, Ministry of Climate Change and Environmental Coordination, LG&RD Complex, G-5/2, Islamabad, Pakistan
Documents
Title | Type | Date |
---|---|---|
Gender action plan for SAP024: Pakistan Distributed Solar Project | Gender action plan | 01 Jun 2022 |
Gender assessment for SAP024: Pakistan Distributed Solar Project | Gender assessment | 01 Jun 2022 |
Pakistan Distributed Solar Project | Approved funding proposal | 19 May 2022 |