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Monday, July 15, 2024

Solar Pakistan 2023: A Brighter Future for Renewable Energy

During the recently concluded Solar Pakistan 2023, which was held in Karachi from September 7 to 9, Ali Majid, General Manager, Pakistan, of LONGi Solar, stated, “We have signed a series of MoUs with industry partners at the exhibition to jointly write the future chapter of renewable energy, not only for Pakistan but for the world.”

Being the only venue exclusively dedicated to bringing the newest solar technology and presenting the largest solar projects in the nation, Solar Pakistan offers a special platform for forging alliances with both the public and commercial sectors. This year’s expo, according to the event’s official website, drew 72 top solar vendors.

We have always been at the forefront of renewable energy since we are the world’s top solar energy brand. The Secretary of the Sindh Department of Energy joined the celebration ceremony after the LONGi Pakistan team declared that they were close to achieving the magnificent goal of 2GW. There is no denying that the Pakistani market means an ever-growing market size for providers.

The size of the Pakistani solar energy market is predicted to increase from 1.3 GW in 2023 to 9.77 GW by 2028, at a CAGR of 49.68% over the projection period (2023-2028), according to statistics from the International Renewable Energy Agency (IRENA). As of FY22, the installed capacity of solar power installations has increased to about 2,368 MW, showing the growing acceptance and potential of solar energy.

The National Solar Energy Initiative, which aims to use solar energy projects to generate 10,000 MW of electricity, was approved by the Pakistani government in September 2022. By lowering the cost of expensive diesel and furnace oil imports, the project hopes to increase demand for the nation’s utilities. Consequently, the government will probably create additional utility-scale projects, raising the proportion of renewable energy in the mix. Additionally, the government is developing a new auction strategy to deliver 9 GW of solar energy. Installation of 6 GW of large-scale solar projects, 2 GW of medium-scale solar projects, and 1 GW of rooftop solar capacity are all part of the effort.

With an average solar global insolation of 5-7 KWh/m2/day, Pakistan has a vast amount of untapped solar energy potential. As a result, the Alternative Energy Development Board (AEDB) provides net metering and feed-in tariffs to encourage residential and commercial solar installations in addition to large-scale ground photovoltaic projects. The writer discovered that LONGi displayed Hi-MO 6 series products for commercial and industrial rooftops as well as Hi-MO 7, which can capture sunlight from both the front and the back, enhancing the energy production of ground PV projects.

The International Energy Agency (IEA) recently revealed that solar energy is expected to draw more capital investment than conventional oil for the first time ever, marking an incredible turning point. In 2023, the solar industry will receive an average of USD 1 billion per day (USD 380 billion for the year), surpassing oil production investment (USD 370 billion for the year) for the first time. In light of this, Ali emphasized that Pakistan is at a pivotal point and needed to constantly update sustainable energy technology, not just solar.

While gaining the economic advantages that come with the global move towards renewable energy sources, we can ensure a sustainable and clean energy future. Undoubtedly, the China-Pakistan Economic Corridor (CPEC) has been essential in promoting solar energy cooperation between the two nations. We plan to take the lead in this sector and turn CPEC into a greener corridor.”rough” continuously updates sustainable energy technology, excluding just solar

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