Faiza Tehseen

Launching photovoltaic systems from own resources is a solution to reducing the high cost of power generation through conventional coal or gas-fired plants, said Moazzam Ghurki, President of the Pak-China Joint Chamber of Commerce and Industry (PCJCCI), while talking to WealthPK. “In Pakistan, most of the power generated through the photovoltaic (PV) systems is managed by foreign investors, mostly the Chinese investors. Currently, US$144 million worth of such systems are active in the country. Chinese investors have contributed at least US$144 million to the PV system market, making up 87% of the total investment in this sector.,” he said.

“Pakistan has the cumulative PV power generation capacity of about 530MW out of which at least 75% (400MW) of power is generated by the Quaid-e-Azam Solar Park. It is the first-ever solar energy plant established by a reputed Chinese company and is owned by the Punjab government. The Chinese companies are playing a vital role in promoting the clean energy initiative here,” said Moazzam. He further said, “The Pakistani solar market is projected to grow at a Compound Annual Growth Rate (CAGR) of 2.5% by the year 2027.

 Huge opportunities for investment and outcrops exist in this sector but these still remain untapped. Establishment of more PV systems can help overcome insufficiency in the regular electric power supply and minimise the ever-increasing electricity tariffs and loss of precious foreign exchange. The power shutdowns that last for long hours and hurt the industrial sector may also decrease. The surplus energy generated through the solar system can be sold to the national grid stations.” The PCJCCI president added that according to the World Bank analysis, Pakistan needs only 0.071% of its total area (mainly in Balochistan) to establish superbly productive solar farms.

This step will enable Pakistan to overcome its current energy shortfalls to a great extent and reduce the use of multiple types of other fuels, e.g. fossil fuel and LPG, he said. Moazzam said Pakistan could coordinate with China to bridge the power gap. “It is important to make the industrial sector more sustainable and productive so that the country may grow socioeconomically. The government should offer subsidized packages for private investors – both from local communities and foreign countries – so that Pakistan may become self-sufficient in power generation,” he added.

Credit: INP-WealthPk