Germany to start financing renewable energy in Pakistan

[Lahore_Real_Estate]

ISLAMABAD: Germany has started its financial cooperation and assistance to Pakistan in the power generation sector through renewable energy to meet the present energy crisis.

“Pakistan and Germany have recently signed two agreements for producing solar and wind energy, and work will be started before the end of the year on these projects,” German Ambassador Dr Michael Koch told reporters at the National Press Club on Friday.

Koch said there would be more renewable energy projects in Pakistan as the country has “great potential” for the development of renewable energy. Pakistan has the capacity to produce 41,722 MW from hydropower, 346,000 MW from wind power and 2.9 million MW from solar, he added.

He said Germany is currently assisting more than 40 countries worldwide in energy projects focusing on the use of renewable energies like hydropower, wind and solar. Koch said Germany is the largest trade partners with Pakistan through European Union (EU) and during 2009 trade volume of Germany with Pakistan remained $1.8 billion, although it was slightly less than the $2.2 billion recorded in 2008. app