Karachi, [13 Dec, 2024] – InfraZamin Pakistan and Saudi Pak Industrial and Agricultural
Investment Co Ltd signed a landmark transaction to provide an 11.5-year Distributed Solar
Financing Facility to Acumen Energy Limited (Acumen) for PKR 1.28 billion. The Facility will be
backed by a PKR 1.04bn credit guarantee to Saudi Pak and will mark InfraZamin’s first foray
into renewable energy. The transaction, supported by Private Finance Advisory Network
(“PFAN”) and Capital Resource as the advisors, will enable Acumen Energy Limited to finance
the development of approximately 12 MW of solar power projects across Pakistan.
Climate financing is a key focus area for the both InfraZamin and Saudi Pak underscoring their
commitment to supporting sustainable development. Acumen Energy Ltd, a majorly owned
subsidiary of the Ghulam Rasool and Company is a greenfield venture that aims to provide cost-
efficient, environmentally sustainable power to commercial and industrial customers. With
significant savings of CO2 emissions – approximately 6,500 tons annually, this project would
also try to tap into the lucrative carbon credit market over its lifetime.
Maheen Rahman, CEO of InfraZamin Pakistan, stated: “This transaction represents our mission
to enable private sector participation in sustainable infrastructure development. By providing a
credit guarantee for renewable energy projects, InfraZamin is paving the way for affordable and
clean energy solutions that align with Pakistan's climate goals. This Facility is the longest tenor
we have guaranteed to date and is a landmark transaction that will open the door to long-term
financing of infrastructure which is commensurate with the needs of the business. We are
grateful to the vision of Saudi Pak and Acumen leadership, with whom we have worked
alongside, to help bring this transaction to culmination.”
Sharing his thoughts, Naeem ul Hasan, Director and CEO of Acumen Energy Limited,
remarked: “We are grateful for InfraZamin’s support in making this project a reality. By enabling
cost-effective solar power solutions, we aim to transform energy access for customers across
the country, driving economic growth while reducing environmental impact. The impact of this
project will be diverse, generating business opportunities worth approximately PKR 1,600 million
for local suppliers, including solar panels, steel, cables, wires, and engineering sectors, to name
a few. I would also like to take this opportunity to thank the USAID funded Private Finance
Advisory Network (hosted by UNIDO and REEEP) and Capital Resource for their unwavering
support, over the years, in conceiving and executing this land mark transaction”
Adding his thoughts on the development, Rizwan Ahmed, General Manager and Chief
Executive Officer of Saudi Pak Industrial and Agricultural Investment Company Ltd. commented:
“This collaboration underscores our commitment towards advancing renewable energy projects
in the country. Saudi Pak is proud to work alongside InfraZamin Pakistan and Acumen Energy
Limited in driving Pakistan’s transition to a greener and more sustainable energy future.
Together, we are not just financing projects but building a cleaner and more resilient economy.”
About InfraZamin
InfraZamin Pakistan, a AAA rated credit enhancement firm, is deeply committed to
supporting the infrastructure development of Pakistan through private-sector
engagement. With a strong focus on sustainable development, InfraZamin collaborates
with public and private stakeholders to unlock investment opportunities, mitigate credit
risks, and mobilize capital for crucial infrastructure initiatives. By leveraging its expertise
and partnerships, InfraZamin aims to contribute significantly to the nation's infrastructure
development agenda and pave the way for a prosperous and resilient future. InfraZamin
Pakistan is funded by the Private Infrastructure Development Group (PIDG), and
Karandaaz Pakistan.
