JV with Chinese solar firm to bring $700m in investments

The shift towards electricity generation through solar energy is becoming a rising trend in Pakistan, driven by the soaring prices of electricity, which domestic, commercial and industrial users are paying through different distribution companies, haunting the public at large. Though the trend of installing solar panels by households is not new, many owners previously tended towards this cheap mode of electricity provision, and some are also benefiting from reverse metering. This fast-paced development is likely to further speed up, as governments are now also looking towards solar energy to provide cheap electricity to low-income households. Provincial governments like Punjab have successfully penetrated solar energy panels in rural areas, largely to operate tube wells, which previously were operated on costly diesel fuel. Against the backdrop of such developments, many companies are now looking to enter and invest in this lucrative market, either independently or via joint ventures. However, Chinese companies apparently are taking the lead in this race.