Wednesday, May 22, 2024

Pakistan Signs $200 Million Deal with Chinese Firm for Solar Power Transformation

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.

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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.

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Muhammad Yasir
Muhammad Yasir
Muhammad Yasir is an online content editor and senior journalist with fifteen years of experience in the field. He specializes in business, telecommunications, finance, and technology sectors. Muhammad Yasir has fulfilled senior reporter duties for both National English and Urdu.

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