- Netline has announced plans to start solar panel manufacturing in Pakistan with a 180 MW fab
- A Turkish company will enter a joint venture with Netline for technology transfer
- Fab to be completed within 3 phases, with the final phase planned to launch into local raw material supply
Power equipment and energy solutions supplier Netline Pvt Ltd of Pakistan plans to enter the solar panel manufacturing domain in a joint venture with an unnamed Turkish company, with a 180 MW fab for which it has already secured land in capital Islamabad.
Netline management confirmed the plans while speaking to local media recently. It plans to complete the fab in 3 phases. Under phase I, it plans to invest $3.5 million bringing it online in Q3 and Q4/2023, to be followed by another $5 million under phase II for which money may be raised through an initial public offering (IPO) in 2024.
Phase III will have the company investing $20 million on a mining project in 2026 which will ‘completely localize the solar panel production in Pakistan’, stated Group Director Uzair Zavary according to local news portal Business Recorder pointing at the abundance of quartz in Pakistan.
The Turkish company will provide technology transfer to Netline as part of the JV.
Recently the company raised an undisclosed Series-A funding after its valuation was estimated at $4.5 million by local brokerage house Intermarket Securities. Some part of the proceeds raised will be invested in solar panel production plans.
Netline is already present in the space of solar as it provides EPC and financial feasibility design services along with offering preventive maintenance for panels. According to Arab New, Netline is also designing solar projects for Saudi Arabia’s Neom.
Pakistan is reportedly working on a policy framework to encourage solar panel and allied equipment manufacturing in the country, aligning it with the National Solar Energy Policy. The country targets to increase the share of renewable energy in its total energy mix to 20% by 2025 and 30% by 2030, up from around 5% at present, according to The Express Tribune.