KARACHI: A Germany-based developer has applied for a generation licence toset up 50 megawatts of solar power plant in Balochistan with an estimatedinvestment of $56.15 million, reported *The News*.
According to the report, IB VOGT GmbH, a Germany-based integrated solardeveloper, planned entry into Pakistan’s renewable energy market with asolar power plant to be set up in Gwadar, though its special purposevehicle P&G Energy Pvt Ltd. P&G Energy approached the National ElectricPower Regulatory Authority (Nepra) for a generation licence.
According to a document, Balochistan Power Development Board issued aletter of intent to the sponsors of the project. After issuance of theletter of intent, the sponsors of the project incorporated a specialpurpose vehicle P&G Energy Pvt Ltd. IB VOGT creates business in more than55 countries, operating internationally from its headquarters in Berlin,Germany and offices in UK, USA, Australia, Panama, Poland, Spain, India andSouthEast Asia, as well as several joint ventures across Africa.
The global outlook report produced by PV industry body SolarPower Europeexpected Pakistan to have 5,000 MW of solar generation capacity installedby 2022, up from around 1,000 MW at present.