Islamabad: ACWA, a Saudi power production company, recently announced its decision to invest USD 4 billion in Balochistan’s renewable energy sector, a news source reported.
The sources revealed that generating low-cost electricity, utilising indigenous renewable energy resources including wind and solar power, and converting waste to energy biomass was among the government’s top priorities.
The sources further stated that that the Alternative Energy Development Board (AEDB) was seeking to develop alternative and renewable energy-based projects with the help of private investors on Independent Power Producer (IPP) mode. The board has pursued these projects under the Renewable Energy Policy 2006.
Additionally, the sources discussed that the country had made significant progress in exploiting the wind, solar, and biomass/bagasse potential available locally. They added that several power generation projects based on these resources were already operational, and many others were in the pipeline.
The incumbent government has already formulated a new Alternative Renewal Energy Policy 2019, the sources said. They revealed that this policy aimed to increase the share of alternative energy in the country’s energy portfolio to 20% by 2025 and 30% by 2030.