Pakistan expecting $500m investment in alternative energy

The Pakistan government in Islamabad is expecting 400-500 million dollars investment in alternative energy generation through wind and solar plants to generate electricity at cheaper rates. “There are 54 foreign investors, besides the local ones, who have shown interest to invest 400-500 million dollars to generate power through wind and solar means,” Alternative Energy Development Board Chairman Air Marshal (Retd) Shahid Hamid told newsmen here.

The Board chairman disclosed that a Chinese company has agreed to install two wind mills in Pakistan. “The initial working has already been started and we expect that the system will be operative by September this year.” In response to a question, Shahid Hamid said Pakistan can save huge money amounting to Rs 3 billion which it is presently spending on import of oil from other countries. “The alternative energy generation is purely investment of one time.” The board chairman said the Pakistan government plans to invite the investors only on the condition that they will transfer technologies. “As far as the required material is concerned, we have worked out and found that it is comparatively cheaper in Pakistan so there is no need of import.”

The weather conditions, he said, are absolutely perfect in Pakistan to generate electricity through wind and solar energy as many projects are functioning properly on experimental basis. “This technology is no more expensive and the most important fact is that it is investment for one time.” One of the Indian company namely “Suzlon” is also among those interested in investing in Pakistan to generate power through wind, he said, adding, the officials of this company are shortly coming to Pakistan for negotiations. The board chairman said around 1064 kilometer long areas in South of Pakistan is available where the wind mills can be installed as these areas have proper flow of air that continue whole of the year.

In response to another question, he said Pakistan has a potential of generating 50,000 MW electricity through wind. “There is a great potential which we need to invest and give proper attention.” Shahid Hamid said all the plants whether installed through wind or solar have the cost which will be recoverable in the period of 8-9 years and their life is over 20 years. “The water and power authorities are fully cooperating with the board.”