Chinese firms can invest $6b in ARE

Pakistan plans to generate 10,000MW of alternative renewable energy by 2030


May 26, 2022
A new renewable energy policy had been prepared and concerns of provinces had been addressed to increase the share of renewables to 30% by 2030. PHOTO: FILE

ISLAMABAD:

The world needs more and more energy but natural energy sources are dwindling, therefore Pakistan is coming up with new ways to meet its growing needs – via free wind and sun! Pakistan is planning to generate 10,000 megawatts of alternative renewable energy (ARE) by 2030 with an investment of over $6 billion, for which bidding will take place later this year.

Alternative Energy Development Board (AEDB) CEO Shah Jahan Mirza, in an interview with China Economic Net, highlighted the investment opportunities for foreign investors, especially Chinese companies and banks, in Pakistan’s ARE sector. “Pakistan and China are already in coordination in AED (wind/ solar) projects, we have 300MW solar power projects in operation under the umbrella of ChinaPakistan Economic Corridor (CPEC),” Mirza said.

“We have the target of having 10,000MW during the next eight to nine years, which means we need $6 billion in investment in these power plants,” Mirza said, adding that the country needs to bring in the foreign investment and foreign financing. “Chinese companies and banks are best suited because we are already working with them in coal and hydropower projects. They are familiar with the country’s environment.”

THE ARTICLE ORIGINALLY APPEARED ON THE CHINA ECONOMIC NET

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