Pakistan Attracts $3 Billion Investment in Renewable Energy Initiatives in 2014
Pakistan Attracts $3 Billion Investment in Renewable Energy Initiatives in 2014
Pakistan’s Renewable Energy sector was able to attract an outstanding $3 billion worth of investment in 2014, indicating that the region has great potential here. Alternative Energy Development Board, also known as AEDB and its CEO Amjad Awan state that due to the following reasons, Pakistan has become a hub for private investors in the renewable energy sector:
- Robust policy framework
- Lucrative tariff structures
- Bankable security documents
Why is Pakistan Seeing Such Interest in Renewable Energy Initiatives from Investors?
Mr. Awan also credits government policies in attracting investment for the energy sector. By harnessing this potential, recent initiatives could one day prove to be the game-changer for the country’s power crises that have plagued it for such a long period of time. Since private investors have been able to inject a large amount of capital last year, Mr. Awan states that there is a very high possibility that more investment will be coming in the following years. Mr. Awan has also mentioned that detailed resource assessment of wind, solar and biomass have been carried out countrywide with ESMAP’s (World Bank) assistance.
AEDB has also been able to issue 25 Letters of Interest concerning several solar projects that will add a total of 663MW, with the projects commencing by 2018.
List Of Solar Power Projects That Are Already Under Construction
Given below is a list of solar power projects that are under construction:
- M/s Appolo Solar Pakistan Ltd (100MW)
- M/s Crest Energy Pakistan Ltd (100MW)
- M/s Best Green Energy Pakistan Ltd (100MW)
All of these projects are located at Quaid-e-Azam Solar Park, in Bahawalpur, with a total power of 100MW being supplied to the system. In addition, 300MW of additional power is going to be added to the national grid by 2016. The cumulative power that the park would be able to generate by 2017 is 1,000MW potentially.
For AEDB, the Sky’s the Limit
It looks like AEDB is ambitious in doing its part to alleviate power crises in Pakistan. To this end, they are also pursuing 35 solar power projects with a cumulative capacity of approximately 1,111.44MW. Some of these projects have been listed below:
- M/s Access Electric Pvt (10MW) Pind Dadan Khan
- M/s Bukhsh Solar Pvt (10MW) Bahawalpur
- M/s Sanjwal Solar Power (5.04MW) Sanjwal
- M/s Safe Solar Power Pvt (10.28MW) Bahawalpur
- M/s Access Solar Pvt (11.52MW) Pind Dadan Khan
- M/s Blue Star Hydel Pvt (1MW) Pind Dadan Khan
As part of the China-Pakistan Economic Corridor (CPEC), a total of 250MW solar projects were also included. If such a plan is going to be carried out with the intention of completing it at the projected date, then some very carefully monitored steps need to be taken in order to ensure that these projects do not deviate from their original timeline. Otherwise, more time and monetary resources are going to be wasted.
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