ISLAMABAD: The Punjab government has signed an agreement with the Chinese solar energy company AIKO to establish the first solar panel manufacturing plant in Punjab. This landmark agreement aims to boost the local production and assembly of solar panels within the province.
The agreement was signed at a ceremony held at a local hotel, where Punjab’s Minister of Industries and Commerce, Chaudhry Shafay Hussain, and Alex Hang, President of the South Pacific Region of AIKO, formalized the collaboration. The event saw participation from CEO Centurain Energy Faisal Javed, officials from the Chinese company, and a significant number of investors.
In his address at the ceremony, Chaudhry Shafay Hussain highlighted that AIKO’s solar panel factory will cater to the local market and also contribute to exports. He noted that India currently produces and exports solar panels worth billions of dollars annually and emphasized that promoting solar energy is crucial for reducing the cost of electricity for both industry and households.
Over the past five months, Chaudhry Shafay Hussain has engaged with more than 21 foreign solar energy companies, many of which have shown interest in investing in Punjab’s solar energy sector. The government is also planning to collaborate with energy companies to convert 7,000 tube wells to solar energy. Additionally, the Punjab government plans to provide solar panels to low-income households, either free of charge or through installment plans.
The Minister also announced that a “Garment City” is under construction on 650 acres in Quaid Azam Business Park, Sheikhupura, which will be powered by solar energy. He reiterated the government’s commitment to providing affordable electricity to homes and institutions across the province.
Chaudhry Shafay Hussain further revealed plans to establish a solar panel testing lab in Punjab. He concluded by asserting that with dedicated efforts from all departments, the need to seek loans from financial institutions like the IMF could be eliminated.
The ceremony also featured addresses by officials from the Chinese company and local investors, during which three Memorandums of Understanding (MoUs) were signed between AIKO and local investors.
