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ACWA Power to invest $4b in Pakistan’s renewable energy sector

ACWA Power to invest $4b in Pakistan’s renewable energy sector

ISLAMABAD (APP) – The Saudi power producing company ACWA Power on Sunday expressed its willingness to invest around $ 4 billion in Pakistan’s renewable energy sector.

The intention to this regard was expressed during a meeting between a Saudi investors’ delegation led by ACWA Power Chairman Mohammad A Abunayyan and the Pakistani side headed by Minister for Finance Asad Umar here at the Board of Investment (BoI).

Advisor to Prime Minister on Commerce, Industry and Textile Abdul Razzaq Dawood, Minister for Power Omer Ayub Khan and BoI Chairman Haroon Sharif represented Pakistan.

Speaking on the occasion, Mohammad A Abunayyan said the ACWA Power was a developer, investor, and co-owner of portfolio of power generation and desalinated water production plants in countries in the Middle East, North Africa, Southern Africa and South East Asian region.

He said his company was keen to invest in Pakistan’s energy sector, particularly in renewable energy as there was huge investment opportunity for production of cheap energy to fulfill the growing local demand.

Welcoming the Saudi delegation, Finance Minister Asad Umar lauded the beginning of renewed relationships between Pakistan and the Kingdom of Saudi Arabia.