ISLAMABAD: In a decisive move, the Water and Power Development Authority (WAPDA) has lowered the cost of its proposed 300 MW floating solar project to 2.98 cents per unit for 30 years, aligning the initiative with Pakistan’s Indicative Generation Capacity Expansion Plan (IGCEP) for 2024-34.
Initially facing uncertainty due to its high costs and potential conflict with IGCEP’s least-cost generation principle, the project has undergone significant revisions. The National Electric Power Regulatory Authority (NEPRA) reviewed WAPDA’s proposal and emphasized adherence to laws prioritizing cost-effective energy solutions.
Prime Minister Shehbaz Sharif recently chaired discussions on the project, during which the World Bank, its financier, set a tight deadline for confirmation. In response, WAPDA optimized the project’s cost, reducing it to $238 million and extending its operational life to 30 years, achieving the region’s lowest tariff of 2.98 cents per kWh.
WAPDA’s Member of Finance underscored the project’s alignment with international standards and its economic advantage over thermal power generation. He emphasized WAPDA’s commitment to affordable, clean energy, supporting Pakistan’s renewable energy goals, and enhancing energy security and resilience.
Given its economic and environmental benefits, WAPDA has urged the Power Division to include the floating solar project in the IGCEP optimization framework, marking a pivotal step towards sustainable energy in Pakistan.
