Press Release

VIS Second Party Opinion on the Green Finance Framework of K-Solar (Private) Limited & KS Regen (Private) Limited

Karachi, September 16, 2025 – VIS Credit Rating Company Limited (VIS) and the CCX Green Finance International Limited (CCXGFI) has jointly issued a Second Party Opinion (SPO) on the Green Finance Framework (the “Framework”) of K-SOLAR (Private) Limited and KS Regen (Private) Limited (together referred to as “K-Solar/KS Regen” or “the Companies”).

K-SOLAR (Private) Limited (KSPL), incorporated in 2020 as a wholly owned subsidiary of KE Venture Company (Private) Limited—an entity fully owned by K-Electric Limited—operates in the power generation, transmission and distribution segments. KS Regen (Private) Limited, incorporated in 2025 as a wholly owned subsidiary of KSPL. The Companies’ core business is to provide renewable energy solutions, enabling consumers to diversify their energy mix through the deployment of solar photovoltaic and wind energy systems.

VIS, in collaboration with CCX Green Finance International Limited (VIS-CCXGFI), assessed the alignment of the Framework with the International Capital Market Association (ICMA) Green Bond Principles (GBP) 2025 and the Securities & Exchange Commission of Pakistan’s guidelines for green bond issuance. VIS-CCXGFI concluded that the Framework is fully aligned with all four core components of the GBP 2025 as well as SECP’s green bond guidelines.

The SPO also evaluated the Framework’s contribution to the UN Sustainable Development Goals (UNSDGs). VIS-CCXGFI determined that green sukuk issued under this Framework will directly support UNSDG 7 (Affordable and Clean Energy) and UNSDG 13 (Climate Action).

Furthermore, VIS expressed the opinion that the Framework is consistent with the principles of Maqasid al-Shariah, as detailed in the comprehensive opinion document available on VIS’s website. VIS collaborated with the Islamic International Rating Agency, Bahrain in the development of the methodology of Mapping of Maqasid al-Shariah with UNSDGs.

This Second-Party Opinion (SPO) and integrating the Framework with Maqasid al-Shariah, represents the first of its kind in Pakistan for a local Sukuk issuance.

For further information on this rating announcement, please contact at 021-35311861-64 or email at info@vis.com.pk.

Applicable Rating Criteria:

SECOND PARTY OPINION Methodology

https://docs.vis.com.pk/Methodologies-2025/SPO.pdf

Information herein was obtained from sources believed to be accurate and reliable; however, VIS Credit Rating Company Limited (VIS) does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. VIS, the analysts involved in the rating process and members of its rating committee do not have any conflict of interest relating to the rating(s)/ranking(s) mentioned in this report. VIS is paid a fee for most rating assignments. This rating/ranking is an opinion and is not a recommendation to buy or sell any securities. Copyright September 16, 2025 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.