ISLAMABAD: Pakistan has organized a roadshow in Dubai to attract investors for 600 MWp solar power PV project at Kot Addu (Muzaffargarh) with the support of the United States Agency for International Development (USAID) through Power Sector Improvement Activity (PSIA), well-informed sources told Business Recorder.
The Government of Pakistan is pursuing the promotion and development of Alternative Renewable Energy (ARE) technologies in the country with special emphasis on solar energy.
Owing to technological advancements of solar technology and decline in its prices over the last decade, solar energy is now amongst the cheapest form of energy globally.
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Soaring prices of Oil, Liquefied Natural Gas (LNG) and coal in international markets have increased the cost of generating electricity using imported fuels and burdening the foreign exchange reserves of Pakistan day-by-day.
In order to counter the impact of prevailing high prices of conventional fuels resulting in high electricity tariffs and drain of foreign exchange reserves, the Government of Pakistan approved several interventions under the Framework Guidelines for fast rack solar PV initiatives 2022 for deployment of solar PV.
One such initiative envisages substitution of expensive imported fossil fuel-based power generation with solar PV based power projects to be developed primarily through competitive bidding.
The first 600 MWp solar PV project under the initiative is planned to be developed at Kot Addu/Muzaffargarh, Punjab through international competitive bidding.
The invitation for bids/proposals of project has already been advertised in local and international newspapers. All concerned quarters and private sector investors are being informally informed about the call for bids.
As this is the first major step towards increasing the Renewable Energy (RE) in the national grid and achievement of the ambitious RE generation targets setup by the GoP over the next 8-10 years it will be productive to market it as an international event where large global energy players can participate.
Therefore, Private Power and Infrastructure Board (PPIB) in consultation with Power Division planned to hold a Roadshow in Dubai, UAE for the following major objectives: (i) Market Pakistan’s first RE Project for international competitive bidding, ie, 600 MWp solar PV project at Kot Addu Muzaffargarh, Punjab; and(ii) promote energy investment in Pakistan power sector especially in renewable resources.
The event is expected to attract key energy players, international financial institutions, major Multi- National Companies (MNCs), investment banks, equipment suppliers, contractors, private investors, government functionaries and other related players. Participation from the Middle East and South East Asia is expected for the event at Dubai, UAE.
Moreover, potential investors from US and European Union have also been identified and targeted. The sources said, USAID and PSIA have in principle agreed to support the event by bearing all the major expense, however, if required any additional expense will be catered by the PPIB.
PPIB proposed Roadshow in Dubai on Thursday with GoP delegates Jameel Ahmad, Governor State Bank of Pakistan Waseem Mukhtar Chairman NEPRA, Shah Jahan Mirza, Managing Director PPIB and Rihan Akhtar Chief Executive Officer, CPPA-G.
Copyright Business Recorder, 2023
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