To reduce reliance on fossil fuels and promote renewable projects in the country, State Bank of Pakistan announced financing scheme titled “Islamic Financing Facility for Renewable Energy” (IFRE). Under the scope of IFRE, BAFL-IBG provides financing for power projects/installations using alternative /renewable energy sources (solar, wind, hydro, biogas, biofuels, bagasse cogeneration and geothermal as fuel).
Eligibility Criteria:
The financing is available under following three categories:
Category 1: Sponsors desirous of setting up renewable energy power projects with a capacity ranging from more than 1 MW and up-to 50MW.
Category 2: Sponsors willing to install renewable energy source based solutions for generation of electricity ranging up-to 1MW
Category 3: Vendors/suppliers certified under AEDB Certification Regulation 2018 for installation of wind and solar systems on lease basis or selling of electricity
Sectors eligible for financing are as follows:
- Domestic
- Commercial
- Industrial
- Agriculture
