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November 13, 2019

AEDB executes 11 accords for 560MW wind power projects

Business

November 13, 2019

ISLAMABAD: The Alternative Energy Development Board (AEDB) has executed Implementation Agreement (IAs) with 11 independent power producers’ projects to generate 560MW wind power, a statement said on Tuesday.

The AEDB said following the financial close of these projects next week, around $700 million investment would come to Pakistan. These projects were envisaged to come online by year 2021, the board said adding that they would provide more than 1.8 billion units of clean energy annually. Pakistan has targeted to increase the share of renewable energy in total power generation pie of the country to 30 percent by year 2030. Addressing the signing ceremony, Dr Rana Abdul Jabbar, CEO AEDB, commended the efforts made by the private sector in bringing the clean and cheaper electricity to the consumer of Pakistan. “The increased share of renewable energy in the overall generation mix will not only bring down the overall basket tariff but will also help reduce the import bills of Pakistan,” the AEDB head said.

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