Islamic Project Finance for Pakistan’s Telecom Solarization Project
HP | FKM – Hafeez Pirzada | Farooq, Khan & Mirza – Corporate Counsel | Barristers | Advocates is proud to act as legal counsel to the financiers in a PKR 530 million Islamic project finance transaction enabling the solarization of 376 telecom towers operated by Telenor Pakistan.
Led by The Bank of Punjab and Pak China Investment Company Limited, this initiative represents a significant step toward advancing sustainable and Shariah-compliant energy solutions within Pakistan’s telecommunications sector.
The transaction is structured under an Islamic mode of financing, reinforcing the growing importance of Shariah-compliant financial instruments in large-scale infrastructure and energy transition projects. By enabling the solarization of 376 telecom tower sites, the project contributes meaningfully to sustainability efforts and energy efficiency within the telecom industry.
This landmark Islamic project finance transaction highlights the increasing role of structured financing in supporting environmentally responsible infrastructure development across Pakistan. It further demonstrates the continued collaboration between financial institutions and industry stakeholders in promoting sustainable growth.
Advising Team
Omer Farooq
Waleed B. Arshad
Ibtesama
Affan Khattak
The participation of leading financial institutions, including The Bank of Punjab and Pak China Investment Company Limited, reflects strong institutional confidence in Shariah-compliant project financing as a viable mechanism for infrastructure development. The structure of the transaction demonstrates how Islamic finance continues to evolve in addressing modern energy and sustainability challenges while remaining aligned with established regulatory and commercial frameworks.
This transaction also underscores the growing integration of renewable energy initiatives within Pakistan’s telecommunications infrastructure. By facilitating the transition toward solar-powered telecom tower operations, the project supports long-term operational efficiency, environmental responsibility, and the broader objective of sustainable development within the country’s evolving energy landscape.