ISLAMABAD: Federal Minister for Power, Omar Ayub Khan has welcomed the Danish investors for their firm commitment to participate in bidding process for Renewable Energy projects which the present government is planning in 3rd or 4th quarter of current year after approval of the Renewable Energy Policy by competent forum.

Federal Minister for Power received a delegation of Danish renewable energy investors led by Danish Ambassador to Pakistan Rolf Michael Hay Pereira Holmobe.

Nadeem Babar, Chairman Prime Minister’s Task Force on Energy also participated in the meeting, Press Information Department PID reported.

Omar Ayub Khan appraised the delegation that Pakistan’s upcoming new Renewable Energy Policy is aimed at contracting affordable energy projects at massive scale to increase its share in the overall energy mix by 20% till 2025 and 30% till 2030 from the existing 4%.

He said that Power Division is also working on proposal for consideration of Cabinet for clearance of Renewable Energy Projects which were stalled due to previous government decision in order to gain the confidence of investors in the sector.

He informed that government is also working on opening the Power Sector as muti-buyer and muti-seller market which will offer huge investment opportunities in all its areas.

Nadeem Babar informed the participants that the task force is working on finalization of country’s energy demand scenario for longer duration of 25 years with full-fledged energy plan for transparent transaction at all level.

He apprised that the government policy in this regard will be based on three principles which are availability, affordability and security of energy.

The Federal Minister also apprised the participants that only utilization of indigenous resources like water, sun, wind and then coal can ensure affordability of power since other sources are largely depended on international markets fluctuations.

The Danish Ambassador expressed his satisfaction over the government plans and said that Danish investors are closely and keenly following the growing power sector of Pakistan.

He informed that Danish companies will participate in the renewable energy projects bidding process since Danish technologies are amongst top most in the world in these sectors.