Saudi Power Company, ACWA Power, has expressed the intention to make up to $4 billion investment in Pakistan power sector, especially in renewable energy. This was stated by the Chairman ACWA Power during a meeting with Pakistani ministers of Finance and Power, Advisor on Commerce and Chairman BoI, here on Sunday. He said that his company is looking for investment up to $4 billion in Pakistan. ACWA Power gave a brief description of his company projects in around 12 countries it is working in. He added that the ACWA power realizes the potential for renewable energy in Pakistan and wanted to make investment.
Finance Minister Asad Umar, who welcomed the delegates to Pakistan, stated while taking to media after the meeting the visit of Saudi Crown Prince Muhammad Bin Salman is a historic visit, which will lay the foundation of taking the economic relations between the two countries to the next higher level.
He said it is heartening that a Saudi energy company, ACWA Power is taking interest to make investment in Pakistan in the energy sector especially in renewable energy and wanted that Pakistan energy needs should be met through solar power.
The minister said that this would be helpful in lessening imports of petroleum products and improvement in environment. The finance minister said that the visit of the Saudi Crown Prince will take the bilateral relations to the new heights.
Minister for Power Omar Ayub said that Pakistan is ready for investment in the renewable sector and a new policy is going to be announced next month and it will be transparent and fair to all investors. He said that the policy will give incentives to local and international investors for investment in renewable energy.
Advisor to prime Minister on Commerce Razzak Dawood also underlined the importance for investment in renewable sector. He added that it is essential to bring the energy cost down to make the more competitive for the local industry. He further added that Pakistan is looking to build a long term relations with ACWA Power and made it fruitful for both the parties.
Chairman Board of Investment (BoI) Haroon Sharif concluded the meeting by assuring that BoI will extend full support and Assistance to Saudi Investors. The meeting was told that the ACWA Power in developer, investor, co-owner, and operator of a portfolio of power generation, and desalinated water production plants currently with presence in 12 countries including in the Middle East and North Africa, Southern Africa, and North East Asian regions. The meeting was held at BoI prior to the arrival of Saudi Crown in Pakistan.
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