Business Desk 
Dec 22, 2024
In what might have substantially propelled Pakistan's electricity production, the government has paused a $300 million floating solar penal project.
The government of Pakistan sought a loan from the World Bank to build a 300-megawatt floating solar power project.
According to The Express Tribune, the government on Saturday confirmed that it "asked the World Bank to pause the preparation of the 300MW floating solar project."
The confirmation of shoving out both the project and loan followed the Power Division's decision to exclude the floating solar project from the 2024-2034 Indicative Generation Capacity Expansion Plan (IGCEP).
On December 20, both the Ministry of Economic Affairs and the World Bank were apprised of the Power Division's decision not to move on with the floating solar photovoltaic (FPV) project, the publication cited official documents as stating.
"The proposed project has not been picked up in the draft IGCEP 2024-34 while it is in the final stage of formulation," said an office memorandum of the Power Division written to Economic Affairs Secretary Dr Kazim Niaz on Friday.
It was also reported that the project was highly cost-effective, and might have been paid off its foreign loan within five years.
