Oslo Power aims to redefine Pakistan’s renewable energy sector with new partnership

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In a significant step towards its mission to promote sustainable and renewable energy solutions in Pakistan, Oslo Power and its subsidiary, Terranova Energy, announced a strategic partnership with ICS Group of Companies. This collaboration aims to leverage the strengths of both entities to increase their impact on the solar energy sector in Pakistan.

Solar installations in Pakistan have witnessed a significant growth at present. The installed capacity in fiscal year 2022 was over 2368 MW, reflecting the growing popularity and potential of solar energy.

To effectively meet the solar energy needs of its customers, Oslo Power has entered into a strategic partnership with the ICS group of companies.

Founded in 2022 by two visionaries, Oslo Power & Energy Pvt Ltd has quickly become a key player in Pakistan’s solar energy sector. Driven by an entrepreneurial spirit, the founders set out to solve the country’s energy crisis by promoting sustainable energy sources. By 2024, they had made significant progress, establishing multiple mega solar projects and diversifying into commercial, government, and residential sectors.

ICS, known for its leadership in logistics, automotive and pharmaceutical sectors, has acquired a 30% stake in Oslo Power. This partnership aims to synergize the strengths of both companies, contributing significantly to the solar industry in Pakistan.

ICS Group will play a key role in this partnership by providing the necessary growth capital, leveraging its established logistics infrastructure and contributing its invaluable business development experience.

Growth Potential in Solar Energy

Statistics show that Pakistan’s current energy mix is ​​58% fossil fuels, 30% hydropower and 10% renewable and nuclear energy. The solar market size in Pakistan is expected to grow from 1.3 GW in 2023 to 9.77 GW by 2028, showing a huge growth potential.

Leveraging connected resources

The main objective of this partnership is to leverage the combined resources of both companies to take Oslo Power to new heights and make a solid contribution to Pakistan’s renewable energy goals. This includes gaining a larger market share, offering innovative solutions such as Power Purchase Agreements (PPAs) and deferred payment models, and developing domestic products and smart energy systems.

Commitment to Sustainable Development

The foundation of this partnership is a shared commitment to sustainability and clean energy. Both companies envision a future where renewable energy solutions are accessible to all, contributing to a greener Pakistan. By reducing carbon emissions and implementing CSR initiatives, Oslo Power and ICS Group aim to have a positive impact on the environment and communities.

The partnership is expected to lead to significant growth for Oslo Power and Terranova Energy, both locally and globally. With their combined resources and experience, the companies aim to offer improved after-sales services, including maintenance and customer support, ensuring customer satisfaction and retention.

Through this partnership, Oslo Power will gain access to ICS Group’s extensive network of offices and warehouses across Pakistan. This will not only streamline the company’s logistics but also provide better access to customers across the country. The expanded footprint will enable Oslo Power to contribute to a greener Pakistan by offering a wider range of solar products and services, catering to the diverse needs of residential, commercial and government sectors.