The Canadian Solar Company signed an agreement with the government on a collaborative solar energy project on Thursday.
Under the agreement, the CSC will set up a 500 MW solar power project at Quaid-i-Azam Solar Park.
In the first phase, a 200 MW plant would be set up in a year. A 300 MW project would be completed in the next two years.
The Canadian Solar Company will invest about $1.75 billion in the 500 MW project. The government will provide land for the project.
Chief Minister Shahbaz Sharif welcomed the agreement. He said it was a step forward in resolving the energy crisis.
He said Rs 10 billion was being spent annually on import of fuel which was no longer affordable.
He stressed the need for low-cost energy projects so that electricity could be provided to people at cheaper rates.
He said the government was working on several low-cost power generation projects in the province.
Published in The Express Tribune, November 9th, 2013.