LAHORE - Quaid-e-Azam Solar Power (Pvt) Limited (QASPL), in its 78th Board meeting, has approved Rs 1.5 b dividend for Punjab government in order to assist and tackle the ongoing economic crunch and further the government’s vision to provide relief and welfare to the general public.

The Board of Directors’ 78th board meeting was chaired by BoD’s chairman Zaheer Ahmed and was attended by board members, Secretary Energy Department Ajmal Bhatti and the Chief Executive Officer QASPL Muhammad Badar-ul-Munir, Prof Dr Sohail Qureshi and Kh Khawar Rashid, which has approved the dividend.

Quaid-e-Azam Solar Power (Pvt) Limited Punjab Energy Department (QASPL) was incorporated on 16th September 2013 under the Energy Department, Government of the Punjab, which had already paid dividends to the government of the Punjab amounting to Rs 2.7 billion out of its profits. QASPL has set up 100 MW solar power plant at Laal Suhanra, Bahawalpur, and injected over 1,100 GWh (1.2 b units) into the national grid earning sales revenue of Rs. 23.844 billion. Several operational efficiencies together with economical deployment of resources have allowed QASPL to record net profits of Rs. 11.797 billion till date.

Following the recent announcement of dividends, QASPL would not only have repaid 100% of the equity investment received from the government of the Punjab, but also a surplus amount of Rs 390.215 million.

This sets QASPL apart from all other companies functioning under the Government of the Punjab, as being the only public sector company in Punjab which has paid dividends to the government. Another unique achievement of QASPL is that it is the first and only solar power plant in Pakistan which is registered with the Clean Development Mechanism (CDM), and earns additional revenue from sale of Certified Emission Reduction (CER) credits on the basis of reduced carbon-dioxide emissions against production.