Bank Alfalah recently launched Alfalah Green Mortgage in collaboration with its panel of solar energy experts, Grace Solar Pakistan™, EBR Energy Pakistan (Pvt.) Limited and JKS (Pvt.) Ltd. A complete solar solution, the Alfalah Green Mortgage is a simple and affordable loan product that allows homeowners to finance a residential solar system and gain benefits such as lower electricity bills, tax credits and a steady source of energy.
The partnership also provides a great opportunity for solar energy professionals to gain access to transparent and tangible investments in the booming home solar market.
“At Bank Alfalah, we aim to create value for our customers and communities responsibly. The Alfalah Green Mortgage helps people combat the energy crisis in the country by making alternate energy solutions affordable and easily available,” said Khurram Hussain, Group Head Retail (Central & North) & Consumer Banking at the launch ceremony. “This products enables customers to repay the loan in easy instalments over a stretched period of time and showcases Bank Alfalah’s commitment to the social well-being of the communities in which we live and operate,” he added.
“Alfalah Green Mortgage will helptap Pakistan’s solar potential to increase access to energy for communities,” said Mr. Khurram Jan, CEO, JKS (Pvt.) Limited. “We look forward to our partnership with Bank Alfalah as we share the same commitment to support the diversification of Pakistan’s energy sources byintroducing renewable energy financing initiatives in Pakistan”.
Pakistan has been gripped by severe energy shortages for some years with parts of the country facing electricity cuts for up to 20 hours a day. According to a recent news report, the country has an installed electricity capacity of 22,797 megawatts (MW), but production stands at a dismal 12,000 MW. In recent years, electricity demand has risen to 19,000 MW.
Bank Alfalah has been a strong proponent of renewable energy. The Bank has integrated environmental and sustainable development criteria into its lending and investment decision making processes, and has established deep relationships with many clients in the clean energy sector. Leveraging on its expertise in sustainable business, Bank Alfalah aims to develop renewable energy financing products and services to facilitate a reduction in the carbon footprint in Pakistan. It also plans to play a role in helpingimprove the solar industry’s access to capital to facilitate increase of distributed solar power in Pakistan.