ACWA Power Company To Invest $ 4 Bln In RE Sector

ISLAMABAD, (APP – UrduPoint / Pakistan Point News – 7th May, 2020 ) :Saudi Arabia power producing company ‘ACWA Power’ will invest around $ four billion in country’s renewable energy (RE) sector.

The investment would be made mainly in Balochistan by set up solar power plants, sources told APP here.

They said generation of cheap electricity utilizing indigenous renewable energy resources including wind, solar, waste to energy biomass was amongst the top priorities of the government.

Alternative Energy Development board (AEDB) had also been pursuing the development of alternative and renewable energy based power generation projects through private investors under the Renewable Energy Policy 2006 on IPP mode, they said.

They said significant progress had been made in exploiting the wind, solar and biomass/bagasse potential available in the country and several power generation projects based on these resources were operational and many were in the pipeline.

Under the new Alternative Renewal Energy Policy 2019, the share of alternative energy in the energy mix up to a level of 20% by 2025 and 30% by 2030 has been fixed.

The scope of the policy also included development of waste-to-energy projects in the country utilizing municipal solid waste. International and local companies could install waste to energy projects.

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