The Saudi power producing company ACWA Power on Sunday expressed its willingness to invest around $ 4 billion in Pakistan’s renewable energy sector.
It 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.
ACWA Power is a developer, investor, co-owner and operator of a portfolio of power generation and desalinated water production plants currently with presence in 10 countries including in the Middle East and North Africa, Southern Africa and South East Asia regions.
The finance minister said the visit of Saudi Crown Prince would help open new avenues of bilateral trade and investment.
He said the Saudi company had excelled in advance solar power technology and they were keen to invest in Pakistan’s renewable energy sector to help reduce its reliance on expensive energy sources.
He said the existing bilateral economic relations did not reflect the true potential. However, after the visit, a huge investment was expected from Saudi Arabia which would help further strengthen the trade ties between the two countries.