Pakistan Gets Renewable Energy Investment Offers Worth $500 Million
Pakistan continues to receive investment offers for renewable energy projects as the current demand-supply situation in the country makes it attractive for developers to set up new projects.
Project developers recently offered to set up 300 MW of renewable energy capacity across Pakistan. According to media reports, these offers would result in a cumulative investment of $500 million.
Zhenfa Pakistan New Energy Company has approached the government to acquire power generation license for its planned 100 MW solar power project. The company plans to set up the project in the Punjab province at an estimated investment of $122 million.
Three other companies have also revealed plans to set up wind energy projects in the neighbouring Sindh province. Western Energy Private Limited plans to set up 50 MW project worth $116 million, Trans Atlantic Energy plans to set up 48 MW capacity at $110 million investment while Siachen Energy Limited has proposed a 100 MW project.
Large number of wind energy projects are being planned in the Sindh province as it has vast wind energy sources as well as ample land availability. Recent media reports stated than 21 wind energy projects are currently at various developmental stages. These projects are likely to be commissioned by 2018 adding over 1 GW capacity of Pakistan power grid.
Pakistan has seen significant rise in renewable energy investment over the last few years. The investment has been mainly driven by Chinese companies due to close government-to-government relations between the two Asian countries. However, European countries have also announced plans to set up large-scale projects in the country where competition is still very low compared to emerging and developed markets.
Source: Clean Techies Date: 31 August 2016