Pakistan's Northern Power Generation Company Limited (NPGCL) has sealed a groundbreaking deal worth $200 million with Ningbo Green Light Energy Pvt Ltd, a leading Chinese firm. The agreement aims to convert an existing thermal power plant in Muzaffargarh into a cutting-edge 300 MW solar power facility.
Facilitated by the Special Investment Facilitation Council (SIFC), this initiative represents a significant step towards embracing renewable energy solutions while unlocking economic benefits. Leveraging the assets and infrastructure of generation company GENCO-III, the project underscores SIFC's commitment to advancing renewable energy sources.
The transition to solar power is expected to yield a substantial reduction in electricity costs, from Rs 45 to Rs 14 per unit, while eliminating the reliance on heavy fuel oil (HFO) and aligning with sustainability goals.
With an annual production capacity of 400 million units of electricity, the project promises significant savings of $44 million per year, primarily attributed to reduced import bills.