KARACHI: Irfan Iqbal Sheikh, President FPCCI, has applauded the Prime Minister Shehbaz Sharif for his decisive push to green light 13 important projects in Renewable Energy (RE) and coming under category-III, totalling approximately 700 megawatts.

He said that high cost of energy coupled with circular debt is hindering the industrial growth; and, with rising oil prices, it is imperative to bring down the energy cost.

He highlighted that the high-powered cabinet committee on the issue constituted by the Prime Minister played a pivotal role to support the move.

Irfan Iqbal Sheikh apprised that 13 proposed RE plants of solar and wind, whom had been granted Pakistan history’s lowest tariffs by the National Electric Power Regulatory Authority (NEPRA) back in 2020, were not given approval for development at the time by the Ministry of Energy; resulting in project costs to go up considerably and discouraged the entrepreneurs and investors.

He added that had the ministry allowed them to be developed; all projects would have been fully completed by now.

FPCCI President is hopeful that now the inter-provincial body i.e. Council of Common Interests (CCI) will give their nod at the earliest as all provinces will tangibly benefit from these projects.

On the occasion, Khurram Tariq Sayeed, VP CACCI and former VP FPCCI, also thanked the PM and cabinet committee.

He said that FPCCI has been raising their voice for the last three years to allow these projects to be developed in the national interest; as they will pave the way for not only reducing the energy cost for the country, it’s energy import bill and circular debt; but, will also bring in much needed foreign investment to the tune of $500 million within a short span of time, besides saving Rs20 billion per annum.

Copyright Business Recorder, 2023