Leading brokerage firm Intermarket Securities valued Netline, a family-run company that operates in Pakistan’s energy and electricity sector through solar, at $4.5 million, assisting the business in obtaining Series-A investment. The sum raised wasn’t made public.
One of the companies offering electricity and energy solutions in Pakistan is Netline. Additionally, it maintains offices in the USA and the UAE.
The business intends to produce locally sourced solar panels in Pakistan during the next five years.
“Pakistan ranks second, just behind Australia, in the Asia-Pacific region with regard to solar installation by the private sector,” said Netline Group Director Umair Zavary said while talking to journalists at the company’s office on Monday. “Due to this, Pakistan has an experienced workforce in this area and other countries also recognize this which gives us the space to expand.”
He continued by saying that the corporation would use the money to expand into new nations.
The business also plans to produce 180 megawatts of renewable electricity from solar power in Pakistan.
The business has already purchased three acres of land in Islamabad to achieve this goal.
Additionally, the business has a deal with a Turkish business that will support technology transfer as part of the joint venture.
The project, according to another Group Director, Uzair Zavary, would be finished in three stages.
“The investment during the first phase will be $3.5 million and is expected to be completed in the third and fourth quarter of 2023. Another $5 million will be spent in the second phase, which the company plans to raise through an initial public offering (IPO) in 2024.”
“Lastly, $20 million will be spent on a mining project in 2026, which will completely localize the solar panel production in Pakistan.”
He claimed that Pakistan had an abundance of raw materials, primarily quartz, for solar panels.
The creation of solar cells, thin films, and silicon wafers all employ tools made of quartz glass as light sources, reaction chambers, and other components.
However, how the government’s policies are implemented will determine whether the plan comes to fruition.
The industry is currently having trouble opening Letters of Credit (LCs) due to the lack of dollars in the nation.
As a result, businesses are unable to meet the significant demand for sustainable energy installation.
Iqbal Zavary, the founder and chairman of Netline, stated that his corporation would enjoy significant growth in 2021 and 2022.
“Pakistan has a booming solar industry. It is also one of the reasons why businesses like Netline are achieving success,” he said.
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