Gharo Solar Limited

Gharo Solar Limited (the Company) was incorporated in June 2016 with the object to establish a Complex consisting of 50 MWp solar PV power plant near Gharo, District Thatta, Sindh. National Electric Power Regulatory Authority (NEPRA) issued tariff and generation license on January 25, 2018 and July 17, 2018 respectively (each as amended from time to time). The Company had executed Energy Purchase Agreement (EPA) with K Electric Limited (the Purchaser) on September 26, 2018. The Company achieved financial close on January 24, 2019. The company has incurred a cost of Rs. 6 billion (Approximately) for the development of the project. The cost has been financed through a mix of debt and equity ratio of 75:25. A syndicate financing arrangements were made. USD 22.5 million were financed by foreign lender and Rs. 2,128 million were financed by local lenders. The door to door debt tenor is thirteen years excluding one year of grace period. Local loan is refinanced under State Bank of Pakis...