Pakistan strikes $200m deal with China for solar power conversion
MG News | April 13, 2024 at 08:19 PM GMT+05:00
April 13, 2024 (MLN): Pakistan has signed a $200 million Memorandum of Understanding (MoU) with a Chinese firm to convert a thermal plant to solar power, as per a recent post by the Information Ministry.
The project will upgrade an existing thermal power plant to a 300 MW solar power plant through the Special Investment Facilitation Council (SIFC).
Furthermore, it will generate 400m units of electricity per year at a significantly lower cost, reducing the per unit cost from Rs45 to Rs40.
Another key advantage of this project is that it will eliminate the need for Heavy Fuel Oil (HFO), resulting in an estimated savings of $44m annually due to a reduction in import bills, offering attractive returns to stakeholders.
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