Saudi Arabia’s producing company ‘ACWA Power’ will invest around $ four billion in the country’s renewable energy (RE) sector.
ACWA Power will invest around $ four billion in the country’s renewable energy (RE) sector of Pakistan.
The investment would be made mainly in Balochistan by set up solar power plants, sources told.
They said the generation of cheap electricity utilizing indigenous renewable energy resources including wind, solar, waste to energy biomass was amongst the top priorities of the government.
Alternative Energy Development Board (AEDB) had also been pursuing the development of alternative and renewable energy-based power generation projects through private investors under the Renewable Energy Policy 2006 on IPP mode, they said.
They said significant progress had been made in exploiting the wind, solar and biomass/bagasse potential available in the country, and several power generation projects based on these resources were operational and many were in the pipeline.
Under the new Alternative Renewal Energy Policy 2019, the share of alternative energy in the energy mix up to a level of 20% by 2025 and 30% by 2030 has been fixed.
The scope of the policy also included the development of waste-to-energy projects in the country utilizing municipal solid waste. International and local companies could install waste to energy projects.
ACWA Power is a developer, investor, co-owner and operator of a portfolio of power generation and desalinated water production plants currently with presence in 10 countries including in the Middle East and North Africa, Southern Africa and Southeast Asia regions.
ACWA Power’s portfolio, with an investment value in excess of USD 33 billion, can generate more than 22 GW of power and produce 2.5 million m3/day of desalinated water to be delivered on a bulk basis to state utilities and industrial majors on long term off-take contracts under Public-Private-Partnership, Concession and Utility Services Outsourcing models (BOO/BOOT).