Pakistani firm NetLine plans 180-MW solar panel factory

NetLine, a power equipment supplier controlled by the Zavary family, is getting ready to build a 180-MW solar panel production facility in Pakistan using technology imported from Turkey, local media report quoting top officials.

Company directors told reporters on Monday that NetLine has acquired land to build the factory on the outskirts of Islamabad in three phases for close to USD 30 million (EUR 28.2m) in total. The third phase will cost the largest amount – USD 20 million – as it will involve the mining of quartz. It should be fully completed in 2026.

According to brokerage Intermarket Securities, the company’s current valuation amounts to USD 4.5 million. Based on it, NetLine has recently raised an undisclosed sum in a Series A funding round, with plans to expand with offices in the Gulf region.

An initial public offering (IPO) of the company’s shares is being considered for 2024.

(USD 1 = EUR 0.941)

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