UK firms keen to invest in energy sector

The government has set ambitious targets to introduce 20% renewable energy by 2025 and 30% by the end of 2030, said Special Assistant to Prime Minister on Petroleum Nadeem Babar during a meeting with British High Commissioner Dr Christian Turner on Thursday.

The SAPM shared the structural reforms being carried out in the energy sector in view of the new Renewable Energy Policy of Pakistan. He said that with an additional share of 30-40% from hydel power generation, Pakistan would have the cleanest generation mix as a result.

The special assistant apprised the envoy of the government’s focus on assembly and manufacturing of wind turbines and solar panels for renewable energy projects in collaboration with some foreign companies and also invited British companies to participate in such projects.

Speaking on the occasion, the high commissioner commended the initiatives taken by the government for energy sector revamp and said that the UK looked at Pakistan’s energy market as having great potential.

He shared that British companies were interested in investing in the energy sector of Pakistan, especially in off-grid solutions and distributed generation system. He indicated that approximately $1.5 billion of credit line under the export credit facility had remained largely unutilised and stressed that Pakistani projects should utilise it more.

Babar welcomed the interest of British companies in investing in Pakistan and assured them that the government would welcome investment and their presence in the country’s energy sector.

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