Chinese company signs contract with QUEST University on solar power station
Nawabshah: Zonergy, a Chinese energy conglomerate engaged in the development of solar and biomass energy and the cultivation of palm oil, have signed a contract with QUEST University Nawabshah Distributed Solar Power Station project and Solar Street Lighting project.
“Good news that Contract Signing Ceremony was held for QUEST University Nawabshah Distributed Solar Power Station project & Solar Street Lighting project b/t (between) ZONERGY & QUEST,” the Chinese embassy in Pakistan tweeted. It added” (This is) Another cooperation project in #NewEnergy sector b/t #China & #Pakistan.”
Luckily, China-Pakistan Economic Corridor (CPEC) has provided Pakistan an opportunity to tap into its huge potential as a developing economy and progress towards the path of Newly Industrialised Economies (NIEs).
It aims to open new trading routes, industrial zones and energy corridors to meet the country’s ever-growing needs and stimulate economic activity.
Although the CPEC is not restricted to Renewable Energy (RE), there are significant opportunities to promote the renewable energy market through various complementary policy measures.
The fundamentals of China’s renewable energy sector are relevant to Pakistan in light of the current global discourse on Sustainable and Low Carbon Development.
Foreign Direct Investment (FDI) from China has the potential to be a catalyst for growth in the renewable energy sector. The transfer of knowledge and know-how can be achieved from this cooperation with China in the RE domain, provided the state has adequate policies facilitating the flow of knowledge to the local industry.
For this purpose, direct training programmes must be setup with China’s cooperation. Win-win scenarios can be created, where low-cost local workforce can be equipped with the necessary skills and knowledge to work in the Chinese managed projects in Pakistan.
Pakistan’s energy crisis is a key factor hampering its economic growth. The public bears the brunt of this chronic shortfall, which is caused by several factors.
Nothing has worked so far to find a permanent fix to this crisis, so the Pakistani government and the public have welcomed China’s recent intervention.
Beijing is interested in making substantial investments in the country’s energy sector under the CPEC.
The Pakistani media and the ruling elite have suggested that that the CPEC agreement will end all of Pakistan’s economic woes.
CPEC promises a number of infrastructure projects of various kinds – roads, highways, bridges, and energy projects – across Pakistan to facilitate trade and connectivity between the two nations.
Pakistan’s energy sector has been in a perpetual state of crisis for several years. Electricity outages last from 6-8 hours at a time and occur daily throughout the country.
These blackouts cost the economy billions of dollars every year. Pakistan currently produces an average of 25,000 megawatts (MW) and during peak seasons it has an average electricity shortage of up to 7,000 MW, mainly due to inefficient and outdated power plants and infrastructure.
To deal with this shortage, industries and households are forced to use diesel electric generators to meet their daily energy demands.
China’s record of meeting its own electricity demands, coupled with its rapid economic growth, demonstrates that it has the potential to pull Pakistan out of its energy crisis.
