Minister for Power Division Omar Ayub Khan has informed the National Assembly that a Saudi power producing company, ACWA Power, will invest around $4 billion in the country’s renewable energy sector.
According to sources the Riyadh-based developer, investor, and operator of power generation and desalinated water production plants, has started work on a solar power plant in Pakistan’s Balochistan province. In addition, the company has signed deals with three Chinese companies PowerChina, China Gezhouba Group Company (CGGC), and Bank of China for collaboration in key investments. It is expected that the Saudi company would invest about $4.
ACWA Power, partly owned by Saudi’s Public Investment Fund, has a presence in 11 countries including Oman, United Arab Emirates, Jordan, Morocco, South Africa, Turkey, Vietnam, Mozambique, and Egypt with regional offices in Dubai, Istanbul, Cairo, Rabat, Johannesburg, Hanoi, and Beijing.