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Business Recorder
14-06-2025
- Business
- Business Recorder
FPCCI slams 18pc tax on e-commerce transactions, solar panels
KARACHI: Vice President of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Muhammad Amaan Paracha has said that the federal budget for the new fiscal year does not align with the expectations of the trade, industry, and the general public. He criticised the imposition of taxes on e-commerce transactions, saying it is an unjust move. 'Unemployed youth were earning through e-commerce, and this step will stifle their potential,' he said. Expressing serious concern over the 18% tax imposed on solar panels, Paracha said the government has retrieved Rs 3 trillion through the termination of Independent Power Producer (IPP) agreements — a positive move for the power sector. However, instead of formulating an effective alternative energy policy, the government has imposed 18% sales tax on solar panels. This has already caused a spike in solar panel prices in the market. 'The entire business community unanimously demands the immediate withdrawal of this sales tax,' he added. 'We had hoped for relief to help the industry stabilize, but even the agricultural sector received no support, and the government turned a blind eye to education, offering no relief,' Paracha stated. He further pointed out that the federal budget for 2025–26 contains over 40% anomalies that the government must address. The industrial sector had expected the budget to be business-friendly and in the public interest, but instead, it has led to deep disappointment. Due to rising electricity prices, industrial production costs are already extremely high, and taxing solar panels will deprive industries of cheap energy options — effectively forcing them to buy expensive electricity, which is unfair. Paracha acknowledged that given the current post-Pakistan-India war scenario, an increase in the defense budget was inevitable. He cited the regional situation, recent surge in terrorism, India's water aggression, and non-traditional threats as reasons to prioritize national security. A 21% increase in the defense budget, allocating Rs 2,550 billion, was a necessary and vital step, he said. He also urged the SBP governor to reduce the interest rate by 3% in the monetary policy scheduled to be announced on Monday. Copyright Business Recorder, 2025
Hi Dubai
09-06-2025
- Business
- Hi Dubai
DEWA Expands Mohammed bin Rashid Solar Park Capacity to 3,860MW
Dubai Electricity and Water Authority (DEWA) has ramped up the total production capacity of the Mohammed bin Rashid Al Maktoum Solar Park to 3,860 megawatts (MW), marking a major step forward in the emirate's clean energy transition. Announced by Saeed Mohammed Al Tayer, MD & CEO of DEWA, the increase includes 800MW added this year from the park's sixth phase. Clean energy now accounts for roughly 21.5% of DEWA's total production capacity. Al Tayer said the expansion supports Dubai's long-term strategies to reach net-zero carbon emissions by 2050. 'The Mohammed bin Rashid Al Maktoum Solar Park is our key project to realise this vision and achieve the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Carbon Emissions Strategy 2050,' he stated. Launched in 2013 with a modest 13MW capacity, the solar park has grown through multiple phases using photovoltaic (PV) and concentrated solar power (CSP) technologies. Notably, the fourth phase introduced hybrid solar systems, while the fifth and sixth phases continued expanding PV output. DEWA plans to raise the park's capacity to 7,260MW by 2030, which would supply 34% of the utility's total energy mix from clean sources. This transition is expected to cut carbon emissions by around eight million tonnes annually. Looking ahead, DEWA has invited global developers to participate in the seventh phase of the solar park. Set to feature a 1,600MW PV system and a 1,000MW battery storage system, the project will be one of the world's largest solar-plus-storage initiatives. The solar park is implemented under the Independent Power Producer (IPP) model, reinforcing Dubai's position as a regional leader in renewable energy innovation. News Source: Emirates News Agency
United News of India
30-05-2025
- Business
- United News of India
SAEL secures USD 132 millions for AP solar project
New Delhi, May 30 (UNI) SAEL Solar MHP1 Pvt Ltd, a subsidiary of SAEL Industries Ltd, on Friday announced that it has secured USD 132 million in debt financing from three global financial institutions — the Asian Infrastructure Investment Bank (AIIB), the New Development Bank (NDB), and Societe Generale — for the development of a solar power project in Andhra Pradesh. Each institution will contribute USD 44 million, the company said, adding that the funding will support project execution and operationalisation in line with India's renewable energy targets. The project was awarded under a competitive auction process conducted by the Solar Energy Corporation of India (SECI). "This is a significant milestone for SAEL Industries as we remain focused on delivering clean energy solutions to power India's low-carbon transition," said Laxit Awla, CEO of SAEL Industries Ltd. "This investment affirms the faith global institutions have in our capabilities and financial strength." Dr Katan Hirachand, CEO of Societe Generale India, said the institution is "committed to enabling solutions that will create value for communities and help India accelerate its renewable energy adoption." SAEL operates a portfolio of over 6.5 GW in solar Independent Power Producer (IPP) projects across India and manages solar module manufacturing capacity of 3.5 GW, using advanced TOPCon technology. It also runs 11 agri waste-to-energy plants in Punjab, Haryana and Rajasthan, processing around 2 million tonnes of agricultural residue annually to combat pollution. The company has integrated capabilities across engineering, procurement and construction (EPC), operations and maintenance (O&M), and manufacturing. UNI BDN ARN
Time of India
30-05-2025
- Business
- Time of India
SAEL Solar secures $132 million funding for Andhra Pradesh solar project
New Delhi: SAEL Solar MHP1 Pvt. Limited, a subsidiary of SAEL Industries Ltd., has secured $132 million in debt finance from the Asian Infrastructure Investment Bank (AIIB), New Development Bank (NDB), and Societe Generale for the development of a solar power project in Andhra Pradesh. Each financial institution has committed $44 million towards the project, which was awarded under a competitive auction conducted by the Solar Energy Corporation of India (SECI). The funds will be directed towards the execution and operationalization of the project, aligning with India's renewable energy goals and the development of clean energy infrastructure in the state. 'These funds represent a major development for SAEL Industries as we continue our efforts to deliver sustainable clean energy solutions that facilitate India's transition to a low-carbon future. The support from these institutions reflects confidence in our technical expertise and financial credibility to execute energy infrastructure. We are aligned with the state's mission to drive forward the clean energy transition and economic development in Andhra Pradesh with this solar project,' said Laxit Awla, CEO, SAEL Industries Ltd. 'By supporting SAEL solar project, Societe Generale is committed to enabling solutions that will create value for communities and the broader energy ecosystem, helping India achieve its goals of renewable energy generation adoption,' said Dr. Katan Hirachand, Chief Executive Officer, Societe Generale India. SAEL Industries has a portfolio of over 6.5 GW of solar Independent Power Producer (IPP) projects, including operational and under-development assets across India. It operates solar module manufacturing facilities with a combined capacity of 3.5 GW, utilizing TOPCon technology. The company also runs an agri waste-to-energy business, processing approximately 2 million tonnes of agricultural residue annually through 11 plants across Punjab, Haryana, and Rajasthan. SAEL Industries is an integrated renewable energy company with in-house Engineering Procurement and Construction (EPC), Operations and Maintenance (O&M), and manufacturing capabilities.
Business Upturn
23-05-2025
- Business
- Business Upturn
Bondada Engineering secures allocation for 2000 MW solar power capacity in Andhra Pradesh
Bondada Engineering Limited has received a Government Order (GO) from the Energy Department of the Government of Andhra Pradesh for the allocation of 2000 MW AC / 2600 MWp DC solar power capacity. The solar projects will be developed across various locations in Ananthapuramu and Sri Sathya Sai districts. The Company had earlier submitted detailed project proposals for the specified capacity. The proposed project locations include: Sri Sathya Sai District : Villages in Roddam and Kothacheruvu Mandals Ananthapuramu District: Villages in Gooty, Peddavadugur, Vidapanakallu, Peddapappur, and Narpala Mandals These proposals were reviewed and approved in the State Investment Promotion Board (SIPB) meeting held on May 15, 2025. The allocation is subject to the condition that there is no overlap with areas already assigned to other developers for renewable energy or wind resource assessment projects. As per the Andhra Pradesh Integrated Clean Energy Policy – 2024, the implementation timeline for the project is 24 months. The current order, valued at ₹9,000 crore, brings the company's order book to over ₹14,000 crore. Additionally, Bondada Engineering anticipates generating approximately ₹1,160 crore in revenue from Independent Power Producer (IPP) operations starting FY 2029. This development supports ongoing efforts to expand renewable energy infrastructure in Andhra Pradesh in line with state and national clean energy objectives. Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at
