In a strategic move to bolster Pakistan’s renewable energy sector, the Special Investment Facilitation Council (SIFC) has announced its facilitation for a groundbreaking initiative taken by Sinotec Solar Private Limited.
The endeavour entails the installation of a colossal three-gigawatt solar panel manufacturing plant in the heart of Karachi, PTV reported on Monday.
The project, set to revolutionise Pakistan’s energy landscape, heralds a new era of localised production of solar panels, significantly reducing the nation’s dependence on imports.
Sinotec Solar, a renowned player in the global renewable energy market, is poised to not only establish the manufacturing plant but also extend support for the production of dry batteries and electric-powered trucks, which aligns with Pakistan’s green energy ambitions.
Read Seminaries to join solarisation project
This landmark initiative is projected to inject a substantial influx of foreign direct investment (FDI) into Pakistan, marking a pivotal moment in the nation’s economic trajectory.
Furthermore, the project is poised to generate a multitude of employment opportunities and foster socio-economic growth and empowerment within the local community.
Speaking about the significance of the project, the SIFC chairman emphasised the importance of setting up the state-of-the-art manufacturing facility. He underscored Pakistan’s commitment to renewable energy development and self-sufficiency. “It not only strengthens our energy security but also propels us towards a sustainable future,” he remarked.
Of late, reports say, Pakistan is increasingly focusing on renewable energy production to expand its share in the energy mix and slash the cost of energy for consumers. So far, wind and solar energy has very little contribution to the overall energy production in the country.
Published in The Express Tribune, April 2nd, 2024.
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