The State Bank of Pakistan (SBP) has extended the validity period of financing 'power plants using renewable energy' scheme for two years. "It advised banks and DFIs that validity period of the scheme for financing power plants using renewable energy has been extended for two years," said SBP IH&SMEFD Circular Letter No 07 of 2014, issued here on Monday.
Therefore, according to SBP, financing facilities under the captioned scheme shall be available for letter of credit established for import/purchase of new plant, machinery & equipment up-to June 30, 2016. The said scheme has been extended second time as previously it expired in June 2012 and was extended for two years.
With a view to meeting the growing electricity demand and to promote renewable energy projects in the country, in December 2009 SBP decided to provide financing for establishment of new power projects using renewable Energy with a capacity of up-to 10 MW. As per the scheme, sponsors of power projects can avail financing facility through banks/DFIs for new imported and locally manufactured plant, machinery and equipment. Preference shall be given to projects being established in the less developed areas of the country.
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