• Pakistan
Where the impacts of the investment may be experienced.
Financial Institutions
  • Netherlands Development Finance Company (FMO)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Bank Risk Rating
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
SPV Gharo Solar (Private) Limited
The holder of the loan, grant, or other investment.
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 23.50 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ FMO website

Updated in EWS Feb 20, 2019

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Project Description

According to the bank website, the proposed debt funding will be dedicated to the construction and operation of a 50MWp PV Solar plant in the province of Sindh, in the Islamic Republic of Pakistan. The proposed investment in Gharo Solar is an up to USD 23.5m MLA investment, parallel to the local commercial banks (i) Bank Alfalah Limited and (ii) the Bank of Punjab.

FMO intends to provide the disclosed financing as the project will contribute to economic growth by providing additional low-cost and clean power in Pakistan, a country which is currently experiencing power shortages. Furthermore, FMO will be additional in providing long-term USD finance which is not otherwise available in Pakistan

Investment Description
  • Netherlands Development Finance Company (FMO)
Private Actors
  • SPV Gharo Solar (Private) Limited -- Implementing Company

According to the bank, The SPV Gharo Solar (Private) Limited ("Gharo Solar"). Key sponsors will be Mr. Rana Ahmed and Windforce (Pvt) Ltd. Both Sponsors have extensive experience in the (solar) power sector in project development and construction management. Among others, Mr. Rana Ahmed is the majority shareholder of the 18 MW Harappa PV solar project in Punjab. This was the first PV solar IPP in Pakistan, which reached COD in October 2017.

Contact Information

No project-specific contact information available at time of writing.


Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW) . A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: