Pakistan's Northern Power Generation Company Limited (NPGCL) has inked a groundbreaking deal worth $200 million with Ningbo Green Light Energy Pvt Ltd, a prominent Chinese firm.
The agreement aims to transform an existing thermal power plant located in Muzaffargarh into a state-of-the-art 300 MW solar power facility.
This initiative, facilitated by the Special Investment Facilitation Council (SIFC), marks a significant stride towards embracing renewable energy solutions while reaping economic benefits.
Harnessing the land, assets, and infrastructure of generation company GENCO-III, this project underscores SIFC's commitment to driving the transition towards renewable energy sources.
By upgrading to solar power, the project is set to produce a whopping 400 million units of electricity annually, promising a considerable reduction in costs from Rs 45 to Rs 14 per unit.
Moreover, the conversion to solar energy will eliminate the need for heavy fuel oil (HFO), aligning with sustainability goals.
The anticipated savings of $44 million per year, attributed to reduced import bills, offer compelling returns for stakeholders. This transformative endeavor not only signifies a shift towards cleaner energy but also heralds a new era of cost-effective power generation for Pakistan.
