Chinese companies have opportunity to invest $6 billion in alternative renewable energy (ARE) projects in Pakistan, Gwadar Pro reported on Wednesday, quoting Shah Jahan Mirza, CEO Alternative Energy Development Board (AEDB). According to the report, world needs more and more energy and natural energy sources are dwindling, Pakistan is coming up with new ways to meet its growing needs — via free wind and sun! To meet its growing needs, Pakistan plans to generate 10,000 megawatts of alternative renewable energy (ARE) by 2030 with an investment of over $6 billion, for which bidding will take place later this year.

Shah Jahan Mirza, CEO Alternative Energy Development Board (AEDB) in an interview with Gwadar Pro highlighted investment opportunities for foreign investors especially Chinese companies and banks in Pakistan’s ARE sector. “Pakistan and China are already in coordination in AED (wind/solar) projects, we have 300 MW solar power projects in operation under the umbrella of China-Pakistan Economic Corridor (CPEC).” “We have the target of having 10,000 MW during the next eight to nine years, which means we need $ six billion investments in these power plants,” Mirza said, adding that the country needs to bring in the foreign investment and foreign financing.

Shah Jahan Mirza said, “Chinese companies and banks are best suited because we are already working with them in coal and hydropower projects. They are familiar with the country’s environment”. According to Mr. Mirza, EPC contractor, the equipment and the solar panels for most of these projects will most likely come from China, so more and more loan contributions from Chinese banks will be welcomed. Regarding setting up industrial manufacturing facilities in Pakistan, Shah Jahan Mirza said that they were currently working to develop a proper policy and to create some incentives for the manufacturers of solar panels and related equipment in the country.