PFAN Annual Report 2023 PFAN website
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GRC Private Limited

Key Highlights

  • Technology Solar
  • City Multan
  • Business type Greenfield
  • 3.57m Investment raised (USD)
  • 37% Project IRR
  • 8 Clean energy capacity added (MW)
  • 4,933 Potential CO2e emission mitigation (megatonnes/year)

GRC: Powering Pakistan’s universities with solar energy

Ghulam Rasool Company (GRC), through its renewable energy arm Acumen Energy Limited, is leading a 3.3 MW rooftop solar initiative aimed at reducing electricity costs for three major public universities in Punjab. With a focus on the education sector, GRC is helping institutions switch to clean solar power through Power Purchase Agreements (PPAs), offering long-term savings and sustainability.

“Our main focus is on the education sector of Pakistan,” explained Muhammed Naeem Ul Hassan, Director Solar at GRC and CEO of Acumen Energy. “Government universities are receiving very little in grants to meet their expenses. Their main expenses include the cost of electricity.”

VIDEO: GRC

GRC approached PFAN when the project was already in its implementation phase, with PPAs signed and site preparations completed. What they needed was structured financial support to move forward with procurement and installation. That’s where PFAN’s value became most evident. “With the help of PFAN, we are able to develop a portfolio of 14 to 15 megawatts,” said Naeem. “The PFAN programme was very effective. They provided us with an advisor and detailed guidelines on how to secure financing. Our advisor put in his best efforts to help us achieve this goal, using his skills and expertise.”

PFAN’s support extended beyond technical advice. The programme facilitated crucial financial connections, helping GRC secure debt financing from Saudi Pak and a guarantee from InfraZamin. These partnerships unlocked USD 1.2 million in financing—80% of the project’s total cost—allowing GRC to begin procurement of Tier-1 equipment from suppliers including JA Solar, Huawei, Schneider Electric and Beldencom Cables.

“PFAN helped us raise the investment we needed and connected us with institutions financing green businesses.”

Muhammed Naeem Ul Hassan, Director Solar, GRC

“In Pakistan, development projects face a lot of difficulty securing financing,” said Naeem. “We mostly rely on commercial banks or DFIs, but their rates are very high. Providing cost-effective solutions at these rates is really difficult.”

GRC believes that programmes like PFAN are essential in bridging this gap. “I suggest there should not only be grants but also equity investment to facilitate clean energy,” Naeem added. “PFAN helped us raise the investment we needed and connected us with institutions financing green businesses.”

GRC’s solar energy model not only reduces electricity costs—up to 60–70% of a university’s budget—but also redirects savings to educational priorities like research and development. “PFAN is helping us achieve our goal by supporting clean energy initiatives,” said Naeem. “This is helping us strengthen our economy and protect the environment.”

Thanks to PFAN’s technical guidance, financial matchmaking and long-term support, GRC is now positioned to scale its impact across Pakistan, providing affordable, sustainable energy to the sectors that need it most.