WB approved finances for renewable energy resources

As the renewable energy resources will reduce Pakistan’s reliance on fossil fuel imports with lower costs of electricity production, the World Bank’s Board of Executive Directors has approved $450 million financing to support this mega project. With total estimated cost of $727 million, Khyber-Pakhtunkhwa Hydropower and Renewable Energy Development project will help to shift the national energy mix to domestic clean resources by investing in renewable energy generation. Apart from firming up the energy sector institutions to better portfolio of renewable energy projects across the province, the project will provide low-cost and low-carbon electricity to consumers. By installing solar photovoltaic systems onto hydropower assets, production capacity is expected to rise and generate greater return on investments.  It will boost the economic development of communities near the hydropower and solar projects by stimulating infrastructure, creating jobs, and supporting the development of tourism activities.