LAHORE: A Chinese delegation visited Pakistan China Joint Chamber of Commerce and Industry (PCJCCI) Secretariat on Monday and discussed the importance and need of advancement in solar projects.
Mozzam Ghurki, President PCJCCI said that currently, out of the $144 million in foreign investment in solar PV plants in Pakistan, $125 million is from China, accounting for nearly 87% of the total. Among the 530MW cumulative generation capacity in Pakistan, 400 MW (75%) is generated from Quaid-e-Azam Solar Park, the first-ever power plant capable of generating solar energy in Pakistan, owned by the Punjab government and built by one of the renowned Chinese company. Chinese companies are also major suppliers to many PV Projects in Pakistan such as Mini Solar grids in KP and ADB Access to Clean Energy Programme. He added that Pakistan Solar Energy Market is expected to record a CAGR of 2.5% from 2022 to 2027.
One of the representatives of delegation shared her views by saying that up to now, the average utilization rate of the operational solar PV plants is merely 19%, far from the over 95% utilization rate in China, representing huge opportunities to be tapped. As experienced PV plants investors in Pakistan, Chinese companies are more likely to further leverage their learning in the solar industry. They can also benefit from China’s pledge to move away from coal-based energy generation and promote green energy in developing countries. She added that Chinese companies can expect a supportive government attitude to investment in solar PV plants in Pakistan and the cooperation would complement both countries’ commitment to the socio-economic development of the whole region.
President PCJCCI said that in Pakistan, the insufficiency of power which leads to surging electricity tariffs and foreign exchange expenditure on imported energy is aggravating the necessity for the country to be more self-sufficient in power generation. If solar is installed on every roof, those who suffer from heat and load shedding can generate their own electricity at least all day, and if some surplus electricity is generated, they can sell it to the grid.
Copyright Business Recorder, 2023