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Germany to invest in solar power

October 07, 2012


LAHORE, Oct 6: A memorandum of understanding (MoU) was signed between the Punjab government and Germany’s solar power project development firm in Berlin, says a handout issued here on Saturday.

According to the MoU, the German firm will work on a mega project for generation of solar energy in Punjab.

Representatives of the German firm accompanied by a high-level delegation will pay a visit to Punjab in November to launch a solar energy project.

Terming the signing of MoU a welcome step, Chief Minister Shahbaz Sharif said vast opportunities of investment in solar energy sector existed in Pakistan, especially in Punjab.

He called upon the German companies to assist Pakistan in finding new and sustainable methods for acquiring energy and said the German technology was unprecedented in the field of solar energy throughout the world.

Sharif said the Punjab government would extend maximum possible facilities and incentives to German companies.

Extending invitation to the German energy companies for making investment in Punjab, the chief minister said large opportunities of electricity generation existed in Punjab. “Although we have more than 500 million ton coal reserves, yet Pakistan’s industrial and agricultural production along with its economy is getting severely affected due to energy crisis.”