Danish firms to bid for renewable energy projects

ISLAMABAD: Danish companies have shown interest to participate in the bidding process for renewable energy projects, to be conducted in the third or fourth quarter of the current fiscal year after approval to the renewable energy policy, a government statement said on Thursday.

Welcoming the firm commitment to participate in the bidding process, federal Minister for Power Omar Ayub Khan said that the upcoming new renewable energy policy is aimed at contracting affordable energy projects at massive scale to increase its share in the overall energy mix by 20 percent till 2025 and 30 percent till 2030 from the existing four percent.

The minister was talking to a delegation of Danish investors led by Ambassador to Pakistan Rolf Michael Hay Pereira Holmobe, at his office.

Khan apprised the delegation that Power Division is also working on a proposal for consideration of the Cabinet for clearance of renewable energy projects, which were stalled due to the previous government’s decision to gain the confidence of investors in the sector.

The government is also working on opening power sector as muti-buyer and muti-seller market, which will offer huge investment opportunities in all its areas.

Nadeem Babar, Chairman of the Prime Minister’s Task Force on Energy, said that the task force is working on finalisation of the country’s energy demand scenario for 25 years with full-fledged energy plan for transparent transaction at all levels. The government policy will be based on three principles of availability, affordability and security of energy, he said.

The minister also apprised the participants that only utilisation of indigenous resources such as water, sun, wind and then coal can ensure affordability of power since other sources are largely depended on international market fluctuations.

The Danish ambassador expressed satisfaction over Pakistan government’s plans and said Danish investors are closely and keenly following the growing power sector of Pakistan.