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Karachi, June 10, 2013 (PPI-OT): As part of Bank Alfalah’s efforts to promote financial solutions that are innovative, eco-friendly and cost-effective, the Bank has signed a Memorandum of Understanding (MOU) with Buksh Energy. Through this collaboration, the Bank will lead the financial services industry in converting to renewable energy sources, namely solar power with the aim of ‘’Going Green’’.
The signing ceremony took place between Bank Alfalah and Buksh Energy in Lahore today. Bank Alfalah’s President, Mr. Atif Bajwa and Buksh Energy’s CEO, Mr. Asim Buksh were present to mark the inception of a promising partnership between the two companies.
The initiation of this alliance began with the successful installation of 2 KW solar plants and the conversion of two of the Bank’s ATMs to solar power by Buksh Energy. The plants are capable of running the ATM, security system, branch servers and routers, as well as an independent light load, operating 24/7. The solar plant produces 12 KWh of energy per day (4.38 MWh per annum) per ATM converted on solar. The ATMs are connected to the online portal, where energy production is recorded and logged, and can be monitored constantly.
Speaking at the occasion, Bank Alfalah’s CEO Atif Bajwa said, “Given the challenging energy shortfall being faced by the country, it is imperative that we each take responsibility and endeavor to play our part in order to improve the existing situation. To this end, our collaboration with Buksh Energy is part of our broader aim to move in the direction of environment-friendly alternate energy sources, which should also enhance our efficiency by both reducing costs as well as ensuring zero downtime.
ATMs are a key delivery channel for any Bank and we are pleased that with this conversion, our ATMs are now functioning 24 hours a day, 7 days a week. Our financial savings are considerable, the effect on our consumer service index has also been very positive and most importantly, our carbon footprint has reduced by 5,760kg. We hope our efforts with Buksh energy can become a successful example for other institutions and businesses to follow in the future.”
Bank Alfalah currently boasts a network of 378 ATMs and aims to convert its expansive network and several of its branches to solar power in the near future.
Speaking at the ceremony, Asim Buksh elaborated on the installation process and said, “We have found a way to make running ATMs increasingly cost-efficient and energy-efficient for Bank Alfalah, and we hope to be able to do the same for many others in the future.
The smallest things make the biggest differences and the conversion of ATMs across the country to solar power will generate 25,300 MWh of energy yearly. Buksh Energy is offering energy audits conducted by our teams of experts to calculate what the energy load is for a particular building so that we can find the right solar solutions and ways to conserve energy. Our process is streamlined, efficient and most importantly, green.”
He also offered some comments on what the future holds in terms of alternative energy in Pakistan and the role Buksh Energy will play. “Bank Alfalah is a very energy conscious bank and it’s an honor for us to work with them on this exciting venture.
They will be the first of many in what looks to be a very long line of conversions to clean energy, and we are confident that Buksh Energy will be able to cater to their every need. Buksh Energy is looking forward to partnering with more banks and initiating similar deals and giving them a complete transformational experience.
We are committed to helping Pakistan deal with the energy crisis and will be undertaking several major projects in the near future to help us achieve this target. Our most important goal is for 5% of the country’s energy needs to be met by solar power by the year 2020. Production, conservation and distributed generation are the ways to tackle this situation.
We have a project underway for construction of a 10MW solar plant which addresses energy production. With audits, we find ways to conserve as much energy as possible. What we are doing with Bank Alfalah is distributed generation.
The grid alone is not capable in providing enough energy to meet all of the country’s electricity needs. This shift to green energy, even in a seemingly small amount, will do wonders for Pakistan’s energy crisis, and we are confident that we can make the country energy self-reliant.”
For more information, Contact:
Saba Karim Khan
Head of Corporate Communications
Bank Alfalah Limited
Tel: (+9221) 32423952, 021-111-777-786 (x) 2101
Email: saba.khan@bankalfalah.com