With its high solar irradiance, there is tremendous potential for Pakistan to harness solar power to meet its energy needs.
According to the World Bank, utilising just 0.071 percent of the country’s area for solar photovoltaic (PV) power generation would meet Pakistan’s current electricity demand.
However, much of Pakistan’s abundant solar resource remains untapped, with renewable sources currently fulfilling only around 4% of the country’s energy needs.
In order to achieve its national target to generate 30% of its energy from renewable sources by 2030, Pakistan will require greater private sector investment in renewable energy infrastructure, including high-quality, distributed solar solutions.
InfraCo Asia, a Private Infrastructure Development Group (PIDG) company, and AEPL have entered a joint investment and development agreement establishing Prism Energy –a joint venture company, to develop and implement commercial &industrial (C&I) solar projects across Pakistan, thus providing new and improved access to clean and renewable energy sources.
Prism aims to introduce international best practice to distributed solar development in Pakistan, by leveraging the development expertise of InfraCo Asia, as well as the on-ground experience of its local partner AEPL.
Allard Nooy, Chief Executive Officer of InfraCo Asia said: “We are very heartened by the safe and healthful progress made by the Prism Energy team during this challenging time.
Through the joint venture, InfraCo Asia is working with AEPL with an aim to develop up to 40MW in aggregate solar power generation capacity – thereby demonstrating the commercial viability of a world-class, distributed solar model for Pakistan.
We hope that this will pave the way for greater private sector investments in renewables, and support Pakistan’s ambitions to transition towards generating 30% of its energy from renewable sources by 2030.”
