$700 million solar energy projects signed

LAHORE: A joint venture agreement has been signed in solar energy sector worth $700 million. Chinese company Hanersun Technologies and a Pakistani company have agreed to collaborate on the provision of 500 MW solar system projects. The agreement was signed at a ceremony held at a local hotel, with Vice President of Hanersun Technologies, Sunny Sun, and CEO of My Energy, Tariq Wazir Ali, signing the agreement.

Under the terms of the JV, an investment of $700 million will be made for the joint venture involving different 500 MW solar projects. This will include the establishment of distribution networks, dealers networks, warranty and service centres, as well as flagship stores.

Speaking at the signing ceremony, CEO My Energy, Tariq Wazir Ali, emphasised the importance of providing sustainable energy solutions in a country that currently relies heavily on expensive furnace oil and diesel for electricity generation.