LAHORE, Pakistan, Nov. 18, 2015 /PRNewswire — ET Solar, a global leading energy solutions provider, announces it has officially incorporated ET Solar Pakistan PLC, in Lahore, Pakistan, as it expands into Independent Power Producer (IPP) project construction in the country.
With this subsidiary, ET Solar now has the infrastructure in Pakistan to offer improved project development, EPC, O&M services, and technical and commercial support to local project developers, investors and other customers. ET Solar’s services are available for MW-grade solar power plants, as well as residential & commercial rooftop projects.
ET Solar has been working in the Pakistani market for several years with solar project pipeline totaling 150 MWp, and has been proceeding its own 75 MWp project development program. By the end of this year, a total of 40 MWp projects will break ground. The company has commenced IPP project development with financing, EPC and O&M services for two plants in Pind Dadan Khan, one of 10 MWp and one of 11.5 MWp, with construction starting in December 2015.
The EPC business is conducted through ET Solar’s Munich, Germany based subsidiary, ET Solutions AG (ETS), which is executing the Pakistani EPC contracts with a highly experienced German team. ETS has completed EPC contracts in Germany, Italy, France, Romania, the UK, Brazil, Chile and other countries. No other Chinese EPC contractor has such a large international footprint, making ETS highly bankable in the global PV market.
Being bankable means quick financial approvals: when a large European lender appointed a technical advisor to evaluate an ET Solar EPC proposal, they approved it after only a short due diligence. Bankability is important in the Pakistani market, because IPP developers there often have short time frames to reach financial closure. Because of its financial strength, international experience and local subsidiary, many Pakistani investors have invited ET Solar to cooperate on IPP and distributed generation PV projects.
In addition to its own strengths, ET Solar also has strong partnerships with local PV players in Pakistan, further supporting the company’s EPC business there.
“Pakistan is one of the most important markets under China’s One Belt and One Road initiative, we are committed to playing a significant role in developing PV projects in this market,” said Dennis She, President and CEO of ET Solar. “We are pleased to be a part of Pakistan’s growth to energy self-sufficiency using its rich resources of clean, renewable sunlight. ET Solar has shown its commitment by incorporating locally, working with Pakistani companies and setting large goals.”
About ET Solar
ET Solar is a global leading energy solutions provider. With innovative solar technologies and tailored financial solutions, ET Solar provides professional one-stop solutions across the entire solar power plant lifecycle including development, financing, engineering, procurement, construction, and operations & maintenance. To learn more about ET Solar, please visit http://www.etsolar.com.
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