SkyPower Canada has expressed keen interest in investing $800 million in Pakistan. The company, established in Toronto in 2003, boasts over 18 years of experience as an independent power producer, specializing in the development, financing, construction, and operation of large-scale renewable power projects worldwide. It is primarily owned by CIM, a renowned manager of urban real estate and infrastructure funds. SkyPower’s remarkable track record, includes experience of working on more than 35 utility-scale renewable projects globally.
Kerry E Adler, the President and CEO, made reference to Pakistan’s caretaker Prime Minister’s address at the 78th General Assembly, spotlighting SkyPower’s Green Giant Initiative. This ambitious endeavor involves an $800 million investment aimed at establishing a ground-breaking of 1000 MW solar project in Pakistan. Developed in accordance with UNECE’s PPP guidelines and aligned with UN Sustainable Development Goals, the initiative seeks to exemplify the transformative potential of partnerships in fostering economic growth and combatting climate change. “Given Pakistan’s importance in our strategic roadmap for 2024, we see this as an opportunity to jointly showcase to the world the transformative power of such partnerships, not only in catalysing economic growth but in addressing the existential threat of climate change,” she said.
Pakistan’s government has set an ambitious target, aspiring to elevate renewable energy’s contribution from 41% to 61% in the energy mix between 2023 and 2031.