26th October 2023: The Government of Pakistan (GoP) is actively pursuing the promotion and development of Alternative Renewable Energy (ARE) technologies in the country with special emphasis on solar energy. Owing to technological advancements of solar technology and decline in its prices over the last decade, solar energy is now amongst the cheapest form of energy globally.
In order to reduce the impact of prevailing high prices of oil and LNG in the international markets resulting in high electricity tariffs and drain of precious foreign exchange, the GoP has approved the Framework Guidelines for Fast-Track Solar PV Initiatives 2022 for fast-track deployment of solar PV. One such initiative envisages substitution of expensive imported fossil fuel-based power generation with solar PV based power projects to be developed primarily through competitive bidding in the country. In this regard, a roadshow was organized in Dubai on 26th October 2023 to attract investors for 600 MWp solar power PV project at Kot Addu, Muzaffargarh which has already been advertised in local and international newspapers fixing December 11, 2023 as deadline for submission of bids/proposals.
Federal Minister for Energy, Mr. Muhammad Ali, opened the proceedings of roadshow. In his virtual speech, he informed the participants of the roadshow about the investment opportunities in Pakistan and the measures GoP is taking to increase the share of renewable energy in the overall generation mix and to reduce the existing circular debt, plus outsourcing management of distribution companies, tracking theft, recovering electricity bills, and strengthening of transmission/distribution networks etc. Mr Ali vows the local and international investors and developers for their active participation in the bidding process.
The event was graced by a high-level delegation comprises of Managing Director of PPIB, Chairman NEPRA, CEO CPPAG and officials from USAID. This is the first project planned to be developed in Kot Addu, Punjab through international competitive bidding process under the GoP initiative of substituting expensive imported fossil fuel. The Project will not only help reduce the overall generation cost, but also help to arrest the drain of precious foreign exchange spent on import of fossil fuel. A total of 6000MWp is targeted to be developed under the said initiative.
The roadshow was well participated by both local and international investors, lenders, manufacturers, suppliers, contractors and power sector consultants, thus, expected to attract key energy players, international financial institutions, major Multi-National Companies (MNCs), investment banks, equipment suppliers, contractors, private investors and other related players. ENDS
