KARACHI: InfraZamin Pakistan Limited, in partnership with Infralectric, a Brillanz Group company, DIB Pakistan Limited, Bank Alfalah Limited, and Meezan Bank Limited, announced the signing of Pakistan’s first-ever PKR 3 Billion, ‘AAA’ Rated, Green Sukuk for the telecom sector, marking a major milestone in sustainable infrastructure financing and climate-aligned capital markets development. Under the transaction, InfraZamin Pakistan is providing a 100% principal guarantee for the PKR 3 billion Green Sukuk issued by Infralectric Private Limited with DIB Pakistan Limited, as the Lead Arranger of the Green Sukuk transaction demonstrating how ethical capital markets can lead the transition toward scalable, climate-aligned infrastructure financing.
The proceeds will finance one of Pakistan’s largest commercial deployments of lithium-ion Battery Energy Storage Systems (BESS) and solarization solutions for telecom tower infrastructure across the country. Investors oversubscribed the transaction, and the company plans to make the initial disbursement after completing all formalities.
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Commenting on the occasion, Maheen Rahman, Chief Executive Officer of InfraZamin Pakistan, said, “This landmark transaction demonstrates how innovative credit enhancement can unlock capital markets for transformative green infrastructure. By guaranteeing Pakistan’s first Green Sukuk for the telecom sector, InfraZamin is proud to catalyze sustainable private investment into climate-resilient infrastructure while deepening Pakistan’s debt capital markets. We are delighted to partner with Infralectric and Dubai Islamic Bank on this pioneering transaction.”
According to Bilal Qureshi, Group CEO, Brillianz Group, “This historic deal marks the setting of a new standard in terms of business model innovations that showcase how private funds can facilitate energy transition, minimize dependence on diesel and forex, and create a more robust, AI-based telecom system for Pakistan.”
The CEO of Dubai Islamic Bank Pakistan Limited, Muhammad Ali Gulfaraz, commented, “This deal is a significant moment for the bank’s vision towards the country’s green transition.”. By structuring this PKR 3,000 million Green Sukuk, DIB Pakistan is demonstrating how Islamic capital markets can effectively bridge the gap between critical infrastructure needs and climate-conscious investment.
Sole reliance on renewable power will greatly reduce energy dependency, while boosting the robustness of the digital economy, thus showing that ethics-driven finance is an excellent tool when it comes to making a big difference to the environment.”
According to Atif Bajwa, President & CEO of Bank Alfalah Limited, “It is our pleasure to be part of this historic Green Sukuk issuance that marks a major milestone for the development of green finance and sustainable infrastructure development in Pakistan.
This transaction highlights the Bank Alfalah’s strong dedication towards developing climate aligned capital markets and enabling the flow of private capital into eco-friendly investments. We expect this project to make a considerable contribution towards adoption of clean energy in the telecoms sector, while enhancing the robustness of the country’s vital infrastructure assets. I would like to thank Infralectric, InfraZamin and all partners for their hard work in bringing this transaction to fruition.”
Commenting on the deal, Syed Tanveer Hussain, Chief Operating Officer, Wholesale Banking, Meezan Bank said: “The involvement of Meezan Bank in this groundbreaking syndicated Green Sukuk is in line with our ongoing efforts to promote the contribution of Islamic finance in promoting sustainable development and infrastructure-led development in Pakistan. This project that will be contributing towards providing renewable energy for telecom infrastructure is an important milestone towards minimizing the carbon footprint along with improved efficiency in the process. Such transactions will deepen Pakistan’s Islamic capital market while supporting a more sustainable and resilient economy.”
Pakistan Green Sukuk Marks Milestone in Sustainable Finance
The telecommunications industry in Pakistan, which has a customer base of almost 190 million mobile phones, is one of the sectors that are both energy-intensive and strategically important to the economy, considering that there are more than 50,000 towers in the country. The use of diesel-fueled generators has been the norm, and it has led to high operational expenses and excessive carbon emissions. As part of this deal, Infralectric will leverage battery storage, solar photovoltaic, AI-powered optimization, and monitoring technologies for about 1,955 telecom towers, thereby minimizing the use of diesel, enhancing network performance, minimizing operational expenses, and reducing carbon emissions.
InfraZamin Pakistan acted as the Guarantor, Infralectric Private Limited served as the Issuer, and DIB Pakistan Limited led the transaction as Lead Arranger. Bank Alfalah Limited joined as Joint Lead Arranger, while Meezan Bank Limited handled the role of LC (Import) Bank and BankIslami Pakistan Limited acted as Investment Agent.
DIB PF, DIB GF, Alfalah Asset Management Limited, and NBP Fund Management Limited participated as investors. Ahmed & Qazi served as Investor’s Legal Counsel, and HP | FKM advised the issuer as Legal Counsel. Al Hilal acted as Shariah Advisor, Pakistan Environment Trust (PET) served as Green Bond Consultant, and Pakistan Credit Rating Agency (PACRA) provided the rating.
The transaction is expected to support hundreds of direct and indirect jobs through installation, maintenance, local manufacturing, remote monitoring, and technical field operations. The initiative makes strides towards environmental sustainability by switching out diesel generation capacity with sustainable energy technologies, which in turn enhances the resiliency of the telecommunication infrastructure of Pakistan. It also helps Pakistan make headway on its SDGs regarding affordable and clean energy, industry innovation and infrastructure, climate action, and partnerships for the goals.
This represents a landmark step for InfraZamin Pakistan’s ongoing efforts at facilitating innovative financing solutions to attract private investments into infrastructure projects.
