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ISLAMABAD: The United States International Development Finance Corporation (DFC) has raised concerns about the delay in the resolution of issues related to Power Purchase Agreements (PPAs) of its five renewable energy projects, well-informed sources told Business Recorder.

A delegation of DFC held a meeting with Minister for Power Khurram Dastgir Khan on Friday and conveyed its dismay at the prolonged delay in the resolution of power purchase pacts.

According to an official statement, the delegation was headed by Jake Levine, chief climate officer. Naz El-Khatib, Deputy Chief of Staff Policy also accompanied. The DFC has an investment portfolio of $ 450 million in Pakistan, and a considerable portion of the investment is in renewables.

The minister for power briefed the delegation on the solar projects of the present government. The future policy outlook is based on the plans that all new electricity generation will be based on indigenous resources, remarked the minister. The policy aims to reduce the import of fuel and conservation of energy.

Pakistan needs massive investment to become climate resilient, FM tells US institution

The delegation appreciated the solar policy and declared it a win-win for climate considerations and soaring energy prices. The DFC will continue its engagement with Pakistan on renewable energy.

According to the Ministry of Foreign Affairs, Minister for Foreign Affairs Bilawal Bhutto Zardari during his recent visit to the United States met with the CEO DFC, Scott Nathan, during which, the latter raised concerns regarding the unresolved issue of PPAs for the five DFC-financed wind-power projects.

The sources said the Ministry of Foreign Affairs has shared this concern from the US side on this matter on June 20, 2022, and it was raised during the visit of the US Department of State for Business and Commercial Affairs, Dilawar Syed’s visit to Pakistan.

Copyright Business Recorder, 2022

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