Sunday, October 25, 2020

Pakistan and World Bank signs agreement worth $100 million for Sindh Solar Energy Project

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Zain Zubair
Zain Zubair
Zain Zubair is a staff writer for World News Observer. He is studying ACCA in Pakistan. Besides Accountancy and writing pieces, he loves cooking and nature photography. Zain has attended various modern journalism workshops. Contact: [email protected]

Pakistan and World Bank here on Wednesday signed a Financing Agreement worth US $ 100.0 million for “Sindh Solar Energy Project” with the objective to increase solar power generation and access to electricity in Sindh Province.

The project will support the deployment of solar power in Sindh Province spanning three market segments: utility scale, distributed generation, and at the household level.

Utility-Scale Solar includes development of solar parks to support private sector investment and launching of Pakistan’s first competitive bidding for solar power production, starting with an initial 50 MW pilot solar auction.

Distributed Solar includes at least 20 MW of distributed solar PV on the rooftops and other available space on and around public sector buildings in Karachi, Hyderabad and other districts of Sindh Province.

Provision of Solar Home Systems to 200,000 households in areas with low or no electricity access.
The total cost of the project is US $ 105.0 million.

The International Development Association (IDA) will extend financing of US $ 100.0 million for the project and Government of Sindh will contribute US $ 5.0 million.

Public funding will be used to leverage private sector investment and/or expertise in the three segments, with an emphasis on long-term sustainability, developing domestic solar PV experience, and the emergence of self-sustaining markets.

The Project will introduce and showcase international best practice with renewable energy auctions, reduce the headline cost of solar deployment, create sustainable business models for potential replication, build institutional and private sector capacity, and identify opportunities for future renewable energy deployment that address issues of grid integration.

The Project is designed to help steer Pakistan toward a lower-carbon path to development.

Noor Ahmed, Secretary, Economic Affairs Division (EAD) signed the Financing Agreement on behalf of the Government of Pakistan while Musadiq Ahmed Khan, Secretary Energy Department, Government of Sindh, signed the Project Agreement on behalf of Government of Sindh.

Patchamuthu Ilangovan, Country Director, World Bank signed the Financing and the Project Agreements on behalf of International Development Association.

The Secretary, Economic Affairs Division (EAD), thanked the World Bank for extending its continuous support to Government of Pakistan in its efforts to achieve sustainable economic development in the country.

Zain Zubair
Zain Zubair
Zain Zubair is a staff writer for World News Observer. He is studying ACCA in Pakistan. Besides Accountancy and writing pieces, he loves cooking and nature photography. Zain has attended various modern journalism workshops. Contact: [email protected]

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