ISLAMABAD: In a groundbreaking development, the United Arab Emirates (UAE) has committed a substantial investment package to accelerate the adoption of sustainable energy solutions in Pakistan, further strengthening their bilateral ties.
The Water and Power Development Authority (WAPDA) and the private office of Sheikh Ahmed Dalmook Al Maktoum here on Sunday signed two significant Memorandum of Understanding (MoUs) to undertake strategic projects in Pakistan’s energy sector.
The first MoU focuses on the development of a floating solar power project of up to 1000MW on existing water reservoirs, while the second MoU aims at rehabilitating, upgrading, and enhancing the capacity of four hydro power projects, namely Renala, Rasul, Chichokimalian, and Nandipur.
Under these agreements, the parties will assess the technical and economic feasibility of the projects and formulate an implementation plan.
Furthermore, they intend to approach the National Electric Power Regulatory Authority (NEPRA) promptly to seek a tariff structure for floating solar power projects.
This step is crucial in facilitating the necessary investments outlined in the MoUs and providing support for the planned ventures.
Chairman of WAPDA, Lt. Gen Sajjad Ghani (retd), and Sheikh Ahmed Dalmook Al Maktoum have expressed their shared interest and enthusiasm for collaboration on long-term projects in Pakistan’s energy sector, specifically emphasizing the development of renewable energy solutions.
The MoUs establish a cooperative framework between the Private Office and WAPDA, facilitating collaboration and exploration of investment opportunities, particularly in WAPDA’s small hydro power projects.
The portfolio of the Private Office encompasses a range of privately and publicly held group companies, which primarily operate in sectors such as energy (both conventional and renewable), infrastructure, LNG, oil and commodity trading, healthcare, and agriculture.
In Pakistan, the Private Office has demonstrated its commitment to the energy sector through various investments, including the Oracle Energy Green Hydrogen project. Furthermore, the Private Office has expanded its involvement in the infrastructure sector by recently forming a joint venture with AD Ports Group, focusing on the operation and management of Karachi Gateway Terminal Limited.
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