ISLAMABAD, Pakistan, Feb. 9, 2015 /PRNewswire/ — ET Solar Energy Corp. ("ET Solar"), a leading smart energy solutions provider, announces that it has partnered with TechAccess to co-invest and construct 2 solar power plants totaling 21.5MW in Pind Dadan Khan, Punjab, Pakistan.
Acting as the EPC/O&M provider and a minority investor, ET Solar will be offering turnkey solutions including engineering and design, off-shore equipment supply, on-shore civil and electrical construction, project operations and maintenance. The ground-mounted projects, one in 11.5 MW and the other 10 MW, will be built on saline-alkali lands with the grid connection to be completed in the first half of 2016.
These projects are within the first 50 MW quota approved in January 2014 by Alternative Energy Development Board, Pakistan, under the country’s Solar PV Tariff Determination. Furthermore, they are also within the first batch of solar projects approved under the upfront tariff regime by National Electric Power Regulatory Authority of Pakistan.
"These projects mark a major milestone for us whereby ET solar brings our world class EPC expertise to a country that just starts developing solar. The high priority that the Pakistan authorities give to solar, the country’s economic growth prospect, and the tremendous support from TechAccess give us strong confidence to participate in the market growth," Dennis She, President and CEO of ET Solar, commented. "Moreover, we are truly proud to play an instrumental part in solving Pakistan’s mounting energy shortage in these and the upcoming projects with a near term target of 100 MW. These projects will not only solidify our position as a world leading EPC/O&M provider but also add to our global IPP portfolio."
"In partnership with ET Solar, we are excited to bring green solar energy to Punjab as the majority shareholder of the projects," Shomail Ghalib, CEO of TechAccess said. "Under the second round of tariff determination, we share a confident and positive expectation for Pakistan’s PV market growth, and we look forward to working closely with ET Solar to co-develop and invest in another 3X25 MW solar PV projects in the next 1-2 years."
About ET Solar
ET Solar is a leading smart energy solutions provider. With innovative solar technologies and tailored finance solutions, ET Solar provides professional one-stop solutions throughout the entire solar power plant lifecycle that includes development, financing, engineering, procurement, construction, and operations and maintenance. For more information, please visit: http://www.etsolar.com.
TechAccess is a leading value-added IT distributor, providing end-to-end business solutions to the enterprise and mid-market sectors. Its charter is to acquire, retain and develop a sustainable and profitable channel for its vendors and resellers. Headquartered in Dubai, with branch offices in Riyadh and Cairo their operations extend to over 16 countries across the Middle East, Levant and North Africa.
TechAccess has entered Pakistan market as one of the first solar power project developers and is determined to deeply devote to the Pakistan solar market. To learn more, please visit: http://www.techaccess.com.
Aequitas (Private) Limited formerly Crosby Capital Pakistan (Private) Limited and RIAALAW have acted as the financial and legal advisors to the projects.
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