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China to create $3 billion solar fund for Pakistan

A Chinese company is ready to create a special solar fund worth three billion dollars in China to support Pakistan in utilising its solar energy resources. The company has the capacity to establish a solar plant of 1000MW in 6 to 8 months in Pakistan, while 50MW to 100 MW solar energy can be produced in 120 days only.

The offer came from Byron Shi Min Chen, president of Lightening Africa, China and Shah Faisal, CEO of Gulf Power Pakistan who called on chairman of Board of Investment (BOI), Mohammad Zubair on Thursday. Imran Afzal Cheema, secretary of BOI, also attended the meeting.

Byron apprised the BOI chief that the company was offering two kinds of solutions to energy crisis through the solar systems. He said that off-grid solar systems could be provided by the company immediately. These ready-to-use systems can be installed and end users may easily meet the electricity demand.

The company may also collaborate with the distribution networks through banks or the dominating relevant companies to sell solar products to households.

On grid solar system, Byron said, can also be installed.

He further said that the tariff should be determined even before inviting the Chinese investors to the country in power sector.

Zubair stated the BOI is mandated to play an important role in the administration and implementation of the government’s foreign direct investment policy. It has a strong record of actively encouraging the flow of FDI into the country through speedy and transparent processing of applications, SEZ Act, and investment policy and strategy.

“We welcome investors to make their businesses a success in the most lucrative investment destination of the world – Pakistan,” he said.

‘The energy policy of Pakistan focuses on the alternate energy, including solar energy. The potential of solar is in the range of 7 to 7.5kwh/msq./day in most of Balochistan, 6 to 6.5 kwh/msq./day in most of Sindh, Southern Punjab and Gilgit-Baltistan, and 5.5 to 6 kwh/msq./day in the rest of the country, he added.

Lightening Africa International, Byron explained in the meeting, is dedicated to solar energy market development in Africa.

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