Minister tells NA: Saudi co to invest $4bn in renewable Energy Sector

Business Recorder/14-01-2020

ISLAMABAD: Minister for Power Division Omar Ayub Khan onMonday informed the National Assembly that a Saudi power producing company, ACWA Power, would invest around $4 billion in the country’s renewable energy sector. He said that generation of cheap electricity utilizing indigenous renewable energy resources including wind, solar, waste to energy biomass is amongst the top priorities of the government. He said Alternative Energy Development Board (AEDB) had been pursuing the development of alternative and renewable energy-based power generation projects throughprivate investors under the Renewable Energy Policy 2006 on IPP mode.

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 are operational and many are in the pipeline, he added. The minister further reiterated the incumbent government’s enthusiasm in diversifying the generation mix by increasing the share of alternative energy up to a level of 20 percent by 2025 and 30 percent by 2030. Thus, in order to execute the drafted objectives, the government has formulated a new Alternative Renewable Energy Policy 2019 that has been approved by the cabinet and submitted for approval from CCI