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$3bn invested in renewable energy sector in one year: official

Updated December 07, 2015

ISLAMABAD: An amount of $3 billion has been invested in the field of renewable energy over the past one year, indicating the investment potential and interest of investors in the sector.

This was said by Chief Executive Officer of the Alternative Energy Development Board (AEDB), Amjad Ali Awan, on Sunday.

He said that Pakistan had become a choice destination of investors because of the potential in this sector, robust policy framework, lucrative tariff structures and bankable security documents. “The government is taking steps to harness the potential of renewable energy, diversify energy mix and ensure energy security.”

Also read: Govt urged to consider alternative energy options

Talking to APP, he cited promotion and development of renewable energy technology as the main factor behind record investment in the sector in one year.

Mr Awan said that resource assessment of wind, solar and biomass had been carried out in the country with the assistance of the World Bank’s energy sector management assistance programme.

He said the AEDB had so far issued over 25 letters of interest (LoI) to solar energy projects having an accumulative capacity of 663 megawatts, adding that the projects would start commercial operation by 2018.

Published in Dawn, December 7th, 2015