HomeNewsSaudiArabian company likely to invest $4bn in Pakistan's renewable energy sector

SaudiArabian company likely to invest $4bn in Pakistan’s renewable energy sector

Power Division Minister Omar Ayub Khan on Monday informed the National Assembly (NA) that Saudi Arabian power producing company ACWA Power will invest around $4 billion in Pakistan’s renewable energy sector.

“ACWA Power will invest about $4 billion on the renewable energy sector in #Balochistan,” the minister said in response to a query during question hour and added that the generation of cheap electricity that utilises indigenous renewable energy resources including wind, solar, waste that can be converted biomass energy was amongst the government’s top priorities.

He explained that the Alternative Energy Development Board (AEDB) had been pursuing the development of alternative and renewable energy based power generation projects through private investors under the Renewable Energy Policy, 2006 on the Independent Power Producers (IPP) model.

“Significant progress has been made in exploiting the wind, solar and biomass/bagasse potential available in the country and a number of power generation projects based on these resources are operational while many are in the pipeline,” he said.

The minister apprised the NA that the government also formulated a new Alternative Renewal Energy Policy, 2019 that had already been approved by the federal cabinet and submitted for approval to the Council of Common Interests (CCI). This policy targets increasing the share of alternative energy in the available sources of energy up to 20pc by 2025 and 30pc by 2030.

“The scope of the policy also includes the development of waste-to-energy projects by utilising municipal solid waste,” he added.

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