Call to devise policies to attract investment in renewable energy

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Call to devise policies to attract investment in renewable energy
Islamabad:Caretaker Federal Minister for Water and Power Dr Musadik Malik has said that Pakistan has great potential of renewable energy and policies should be devised to attract the investors in this sector by facilitating them.

He added that the AEDB should play its role as a one-window facilitator and to work for bringing investment for the renewable energy projects.

The minister was presiding over 27th board meeting of AEDB here, said a press release on Thursday. The board approved six month extension in letter of support to M/s Hydro China Dawood Power. The board also decided to set up a committee to negotiate with the Government of Sindh regarding an issue of sub-lease of allocated land for 50 MW wind project.

The minister asked the AEDB to take up matter with NEPRA on up-front tariff policy for the wind project, especially on capacity factor recently announced by the latter. On the proposal for extension of letters of interest (LOIs) to all the investors for fast track development of the wind project, the meeting directed the AEDB to submit the proposal on case to case basis with valid reasons in board's next sitting.

Earlier, the CEO AEDB informed the meeting that the Cabinet had extended the Renewable Energy Policy for another five years and the ECC had also approved the policy framework for co-generation Bagasse Based Energy projects.

The minister, while concluding the meeting, also asked the CEO, AEDB to give a detailed presentation on co-generation of Bagasse Energy projects so that LOIs to be issued to interested investors. He stressed the need to link the performance for promotion of employees and ask for submission of AEDB regulations to the next meeting of the Board on May 7.

Courtesy: The Nation

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