The Renewable Energy (RE) sector has attracted foreign investment of over $ 3 billion during the last one year, clearly indicating investment potential in this particular sector and the outcome of initiatives taken so far to exploit such resources for the betterment of the country.
"Due to the potential, robust policy framework, lucrative tariff structures and bankable security documents, Pakistan has become a choicer investment destination for private investors," official sources told APP.
They said, the government was taking pragmatic steps to harness the available renewable energy potential, diversify its energy mix and ensure energy security and sustainable development in the country.
Owing to the promotion and development of RE technology in the country, a record investment has been witnessed in just one year, revealing the interest of investors in this sector.
The sources said that detailed resource assessment of wind, solar and biomass was carried out in the country through ESMAP's (World Bank) assistance.Ground installations for measuring of solar irradiation have also been made in several parts of the country, he added.
The AEDB has issued over 25 Letter of Interest (LoI) to various solar projects having 663 MW accumulative capacity so far adding that all these projects would attain commercial operations date (COD) by 2018.
The Punjab government has also issued LOI for 600 MW projects so far while the financing for 300 MW solar power project has already been done.
Quaid-i-Azam solar park is already operational and has been supplying 100 MW electricity to the national grid system while 300 MW more would be added to the system this year. The park would generate total 1000 MW by 2017.
AEDB was also pursuing 35 solar PV power projects of cumulative capacity of approximately 1111.44 MW On-Grid Solar PV power plants.
Three solar power projects of cumulative capacity of "300 MW" have signed EPA and IA and were under construction, they said. These projects included M/s Appolo Solar Pakistan Ltd (100 MW), M/s Crest Energy Pakistan Ltd (100 MW) and M/s Best Green Energy Pakistan Ltd (100 MW) located all at Quaid-e-Azam Solar Park, Bahawalpur.
Some 250 MW solar projects were also included in China-Pakistan Economic Corridor (CPEC), they said.
Quality standards have been developed for restricting import of sub-standard solar equipment (PV panels and ancillary equipment), he said and added that the Economic Coordination Committee has also approved standard for import of solar PV panels.