Saudi power company ready to invest $4bln in Pakistan’s renewable energy sector

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ISLAMABAD: A leading Saudi power producing company ACWA Power is willing to make a hefty investment in Pakistan’s renewable energy sector up to 4 billion dollar.

This was revealed by the Saudi investors during a meeting held yesterday between ACWA Power Chairman Mohammad A Abunayyan and the Finance Minister Asad Umar.

Speaking on the occasion, chairman of the power company said the ACWA Power is 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.

“Our company is keen to invest in Pakistan’s energy sector, particularly in renewable energy as there is huge investment opportunity for production of cheap energy to fulfill the growing local demand”, chairman added.

Talking to media persons, the Finance Minister Asad Umar said the visit of Saudi Crown Prince would help open new avenues of bilateral trade and investment and praised the start of new era of relationships between Pakistan and Saudi Arabia.