JS / JS Bank strives to lower Pakistan’s energy deficit

JS Bank strives to lower Pakistan’s energy deficit

January 7th 2020: JS Bank signed a Memorandum of Understanding (MoU) with Step Robotics, a leading global technology provider of integrated system design, configuration, proposal development and supply chain procurement solutions for the solar energy generation market. This partnership will enable accesstarget to finance to more than 29% of the population that has little or no access to electricity. Pakistan is considered as one of the solar rich countries with a
potential of over 100,000 MW that is being underutilized as the country has high dependency on fossil fuels.

Step Robotic’s integrated platform will enable end-user to select solar installer of choice with JS Bank for solar financing. Financing for Solar is, available at subsidized mark-up rate of 6% per annum based on SBP renewable energy scheme, which aims to improve access to clean energy generation for commercial and residential customers as Pakistan aims at achieving 6% of its total on-grid electricity supply from renewables by 2030.

Commenting on the occasion, Babbar Wajid, Business Head – Consumer Banking & Product Management, JS Bank said, “Application process and net-metering has been the key challenge for consumers, thus I’m very confident that such collaborations have the potential to solve the question of increasing energy requirements while preserving the environment and make solar financing simple and easy for consumer, installer, equipment provider and for the Bank. Our alliance with Step Robotics reflects our commitment towards promotion of renewable energy through provision of easy, simple and convenient financing options to consumers.” Junaid Qazi, President of Step Robotics Pakistan, commented positively regarding the prospects of the alliance, “This partnership is an important milestone to digitize renewable energy loan submission thereby tackling a major impediment to the proliferation of distributed renewable energy solutions in Pakistan. With being a part of One Touch Financing, JS Bank has shown the vision to help take renewable energy into the digital era and has become the pioneer of renewable energy financing.”

By undertaking such innovative and business building partnerships, JS Bank remains committed towards its role as a catalyst in developing a green ecosystem of Pakistan.