Pakistan is looking to wind power to solve its electricity crisis.
The country has signed a Super-6 project with the World Bank and International Finance Corporation under which 310-megawatt wind power projects will be built in Pakistan. Investment in these projects amounts to $450 million, of which the IFC is funding $320 million.
The projects hope to provide environmentally-friendly and clean energy to the country.
Prime Minister Imran Khan was the chief guest at the signing ceremony in Islamabad on Friday.
“This project has three benefits. It will provide us with cheap electricity and clean energy, and we won’t be using imported fuel for it,” said the PM. We hope to achieve 60% of our energy target by 2030 through this project, he said. “In this project, air will be used to produce electricity and it means that our power cost will not be dependent on external forces,” he added.
One of Pakistan’s biggest challenges has been that the previous governments never gave preference to long-term planning, said the premier. “We approved projects which benefited the country on a short-term basis, and this is the main difference between us and China.”
The biggest example of the country’s lack of long-term planning is what we did with our electricity, he said. We made expensive power plants that are dependent on imported fuel and because of that, whenever the rupee depreciates, our electricity costs increase, he added. This is also why our exports are sold at uncompetitive prices in the market, he claimed.
The country has gone through a difficult year and now things are improving, the premier remarked. “We are finally on the right path. Our current account deficit is decreasing and investor confidence is increasing,” he added.
The government is constantly thinking about how it can improve the lives of the people, the PM added.