As per the vision of the GoP to increase the share of renewable energy to at least 30 percent by year 2030, the Alternative Energy Development Board (AEDB) has executed Implementation Agreements with 11 IPP wind power projects on behalf of the government.
The government of Pakistan has set the target to increase the share of renewable energy that will ensure affordable, sustainable and clean electricity for Pakistan, which is currently facing high risks of climate change. In the past, short-term planning of previous governments to set up power stations running on expensive imported fuel was the main reason behind electricity crisis.
Renewable energy projects are in line with the government's vision of clean energy, which was relevant for Pakistan due to its greater vulnerability to climate change and melting glaciers. It is pertinent to mention here that $130 billion market of renewable energy in Pakistan had immense potential and setting up of wind and solar panels would develop an ecosystem with clean energy.
The cumulative capacity of wind projects is 560 MW and these projects would provide more than 1.8 billion units of clean energy annually. An investment of approx. $700 million (Rs108.9 billion) will be brought into Pakistan as soon as these projects achieve the financial closing next week. These projects are envisaged to come online by year 2021.
Earlier, the six companies in the presence of the World Bank and IFC signed the launch of Super-6 wind power project, where The International Finance Corporation of the World Bank is the lead arranger that will provide $320 million long-term debt financing to six companies to set up wind power plants under Super-6 costing total of $450 million.
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