Renewable energy: Buksh joins hands with foreign firms in $400m project

Envisions meeting 5% of country’s energy needs via renewable solutions by 2020.

LAHORE: As the country is making strenuous efforts to overcome the energy crisis, some foreign investors have come forward and shown keen interest in investing a handsome amount in the energy sector in association with the private sector, especially in the energy-starved Punjab province.

Foreign firms along with a local company namely Buksh Energy recently agreed to invest around $400 million in Punjab to generate 200 megawatts of electricity through renewable sources.

“We are only waiting for a final policy from the Punjab government to generate 200MW via renewable power solutions, in particular wind energy, which will immediately bring foreign investment worth $400 million in the country,” said Buksh Energy Private Limited Chief Executive Asim Buksh in an interview with The Express Tribune.

He said electricity generation through wind had been undertaken in the southern coastal regions of Sindh via small projects, but no practical work has been initiated in Punjab so far, and studies in this regard are at a very initial stage.



“Our vision is to ensure that our company provides 5% of Pakistan’s energy needs via renewable sources by 2020,” Buksh added.

Founded in 2009, Buksh ventured into the renewable energy sector, to the surprise of many, when the country was going through the worst energy crisis.

The family’s expertise lies in the retail sector and their retail outlets are popular throughout Lahore.

After diversifying the expertise to other fashion brands and luxury automobile franchises, the company decided to take on the challenge with the thought of not only promoting the culture of energy conservation but also making some profits out of it.

In energy conservation, Buksh Energy worked closely with some commercial clients for the reduction of their load. Soon it started providing solar solutions to the commercial and residential clientele, the majority of whom were banks.

Buksh Energy is the first company to win a contract to establish a 10MW solar energy plant at the Quaid-e-Azam Solar Park in Bahawalpur.

After having spent some years in providing solar technology, the company now is diverting its focus towards wind energy solutions. They have collaborated with a Dutch company – Global Wind Power – for supporting the wind energy sector of the country on a turnkey basis and will provide a strategic balance of services.

“We also have plans to generate electricity via municipal waste as part of our long-term policy, but this will take some time,” said Buksh.

Published in The Express Tribune, March  6^th,  2015.

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