Karachi: Reon Energy Limited has introduced the ‘Energy Sale Model’ for the business houses looking for avoiding upfront cost and limit their risk, said Chief Executive Officer Inam-ur-Rahman.

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He said the energy sale model is a financial agreement where the developer arranges for the design, financing, and installing of the project at the client’s property at zero or low upfront cost. The energy generated from the solution is sold to the customer at an agreed upon rate usually lower than that of the local utility’s rate. At the end of the financial term, the client can choose to buy or extend the contract.

It is a third party ownership model that has been applied successfully in the United States and other developed markets. Such models are a tremendous opportunity for new businesses and energy intensive manufacturing facilities. Pakistan has an ample amount of sunshine that can be utilised more effectively through such financing mechanisms

, he added.

It may be noted that the energy expenses have a direct hit on the company’s bottom-line and the effect gets multiplied with the energy shortfall reaching up to 8000MW during peak load times. Pakistan being located in the Sun Belt undoubtedly offers a wonderful opportunity to harness solar energy that can bear free energy for 25 years other than the installation cost at the start of the project and minimal maintenance expenses along the way. Rahman said Reon’s installation at the IBL building in Karachi is a part of its energy sale agreement. Such agreements shall incentivize medium and large scale businesses to shift to green energy.