Saudi Arabia’s Power-Producing Company Likely To Invest $4 Billion In Pakistan’s Renewable Energy Sector
ACWA Power will invest about $4 billion in Balochistan.
On Monday, Power Division Minister Omar Ayub Khan told the National Assembly (NA) that Saudi Arabia’s power-producing company ACWA Power is to invest $4 billion in the country’s renewable energy sector.
“ACWA Power will invest about $4 billion on the renewable energy sector in Balochistan,” the minister said while answering a query during question hour.
He further added the generation of cheap electricity that uses indigenous renewable energy resources including waste, wind, and solar energy was the government’s top preference as it can be turned into biomass energy.
The minister explained that under the Renewable Energy Policy 2006 on the Independent Power Producers (IPP) model, the Alternative Energy Development Board (AEDB) has been pursuing the development of renewable and alternative energy-based power generation through private investors.
“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.
Omar Ayub told the NA that the government had come up with a new Alternative Renewable Energy Policy, 2019 that had been approved by the federal cabinet and also forwarded for approval to the Council of Common Interest (CCI). The aim of this policy is to increase the contribution of alternative energy in the available sources of energy up to 20pc by 20205 and 30pc by 2030.
“The scope of the policy also includes the development of waste-to-energy projects by utilizing municipal solid waste,” he added.
The minister said that the international and local companies could install ‘waste to energy’ projects. The minister further stated that the taxes had been refined in phases, as determined by NEPRA but the incumbent government had protected the interest of domestic consumers by 300 units.
What are your views on this? Share in the comments bar below.