Solar Pakistan 2023: Renewable Energy Future on the Horizon

• At Solar Pakistan 2023, LONGI Solar inked several MoUs with industry collaborators.
• The Pakistani solar market is set to grow from 1.3 GW in 2023 to 9.77 GW by 2028.
• The Pakistani government aims to produce 10,000 MW of electricity from solar projects.

“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 also for the globe,” Ali Majid, LONGI Solar’s Pakistan General Manager, shared these insights during the recently concluded Solar Pakistan 2023 event held in Karachi from September 7 to 9.

Solar Pakistan, as the sole dedicated platform for presenting the latest solar advancements and highlighting the country’s most extensive solar projects, offers a distinctive opportunity to forge partnerships with both the government and private sectors. As per the official website, this year’s exhibition drew the participation of 72 prominent solar industry providers.

“As the world’s leading solar energy brand, we have always been at the forefront of renewable energy.” Ali mentioned that the LONGI Pakistan team is on the verge of achieving their impressive 2GW target, and the Secretary of the Sindh Department of Energy joined in the celebration. Undoubtedly, for providers, the Pakistani market represents a rapidly growing opportunity.

Statistics from the International Renewable Energy Agency (IRENA) indicate that the solar energy market in Pakistan is projected to expand significantly, from 1.3 GW in 2023 to 9.77 GW by 2028, with a notable compound annual growth rate (CAGR) of 49.68 percent during the forecast period (2023–2028). Presently, solar power installations have experienced remarkable growth, boasting an installed capacity exceeding 2,368 MW as of FY22, underscoring the increasing appeal and promise of solar energy.

In September 2022, the Pakistani government gave the green light to the National Solar Energy Initiative, with the goal of generating 10,000 MW of electricity from solar energy projects. This initiative aims to curb the need for expensive diesel and furnace oil imports, thereby boosting demand in the country’s utility sector. Consequently, the government is likely to initiate more large-scale projects to expand the renewable energy portfolio. Furthermore, there are plans in progress to create a new auction strategy for the deployment of 9 GW of solar power. This endeavor will encompass the installation of 6 GW in large-scale solar projects, 2 GW in medium-scale solar projects, and 1 GW in rooftop solar capacity.

While Pakistan boasts significant solar energy potential, with an average daily solar global insolation of 5-7 KWh/m2, it has yet to fully harness this resource. To encourage solar installations in residential and commercial sectors, in addition to large-scale ground photovoltaic projects, the Alternative Energy Development Board (AEDB) offers incentives such as net metering and feed-in tariffs. During the expo, it was observed that LONGI showcased Hi-MO 6 series products tailored for industrial and commercial roofs, as well as Hi-MO 7, capable of capturing sunlight from both front and back sides, thus optimizing energy output for ground PV projects.

IEA’s recent report marks a significant shift: solar energy is poised to attract more investment than traditional oil for the first time, with an average of about USD 1 billion per day (USD 380 billion annually) being invested in solar in 2023, surpassing oil’s investment of USD 370 billion. Ali emphasized Pakistan’s crucial position in this context, highlighting the potential for a sustainable energy future through ongoing advancements in clean energy technologies, not limited to solar alone. He also underscored the role of the China-Pakistan Economic Corridor (CPEC) in fostering solar energy cooperation, aiming to lead in the industry and make CPEC more environmentally friendly.

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