巴基斯坦太阳能开发指南（英文版）_85页-4mb

Summary of A Solar Developer's Guide to Pakistan

Core Content

This document serves as a comprehensive guide for international developers and investors interested in solar energy projects in Pakistan. It outlines the legal and regulatory framework, the development process, key risks, and fiscal considerations for solar project implementation. The guide is developed in partnership with IFC, AusAid, Japan, and the Netherlands, and it is part of the IFC Middle East and North Africa (MENA) Renewable Energy Development Support Advisory program.

Main Viewpoints

• Solar Potential in Pakistan: Pakistan has high solar irradiance levels, particularly in the southwest, with GHI values exceeding 1500 kWh/m² in over 90% of the country. The annual mean GHI for the whole country is approximately 2071 kWh/m².
• Renewable Energy Policy: The 2006 Renewable Energy Policy is the only policy currently implemented, and it supports the development of solar, wind, and small hydro projects. The policy provides a framework for solar developers to enter into direct bilateral sales contracts with end-use customers, though no such projects have been reported yet.
• Fiscal Incentives: The policy includes a cost-plus approach and feed-in-tariffs (FITs) with indexations. The 2016 FITs are set for different project sizes and locations, with the highest rates in Northern Pakistan and the lowest in Southern Pakistan.
• Development Process: The process for developing a solar project in Pakistan is divided into three stages: Letter of Intent (LOI), LOI to Letter of Support (LOS), and LOS to Financial Close. Each stage involves different stakeholders and legal procedures.
• Key Institutions: Developers must engage with several key institutions, including the National Electric Power Regulatory Authority (NEPRA), the Alternative Energy Development Board (AEDB), and provincial agencies. These institutions play a crucial role in approvals, licensing, and support for solar projects.
• Power Purchasers: The main power purchasers for solar projects are the Central Power Purchasing Authority (CPPA), Distribution Companies (DISCOS), and K-Electric. Developers can sell power to DISCOS at 132 kV and below, while K-Electric is a private entity and requires direct negotiation for guarantees.
• Challenges: The main challenges for solar developers include policy uncertainty, land identification, and transmission and distribution issues. The document recommends that developers should be aware of these risks and consider mitigation strategies, including engaging with multilateral investment guarantee agencies (MIGA), the World Bank, and the Asian Development Bank (ADB).

Key Information

1. Solar PV Potential in Pakistan

• Solar irradiance levels in Pakistan are among the best globally.
• The annual mean GHI for the whole country is approximately 2071 kWh/m².
• The highest GHI levels are found in Sindh, Balochistan, and Punjab.
• The lowest GHI levels are in the Northern Regions and Khyber Pakhtunkhwa.
• A comprehensive solar resource assessment and mapping project is ongoing, with a final Solar Atlas expected in early 2017.

2. Solar Sector Development to Date

• The first grid-connected utility-scale solar project in Pakistan reached COD in May 2015, a 100 MW project by the Punjab government.
• The 2006 RE Policy is the only implemented policy and outlines the development framework for solar, wind, and small hydro.
• FITs were approved for 10 developers, with three projects of 100 MW each signing power purchase agreements.
• Net metering regulations were introduced in September 2015, allowing distributed solar projects to sell power back to the grid.
• Pakistan aims to add 3000 MW of solar power through net metering, targeting at least 1 million customers.

3. Power Sector Institutions

• NEPRA (National Electric Power Regulatory Authority) is the sole regulator in the power sector and is responsible for tariff determination and licensing.
• AEDB (Alternative Energy Development Board) is the federal facilitator for all solar projects and provides standard agreements such as the Energy Purchase Agreement (EPA) and Implementation Agreement (IA).
• Provincial Agencies support solar development within their jurisdictions, often through their own 'one-window' facilities.
• DISCOS are the public distribution companies that purchase electricity from renewable projects.
• K-Electric is a private distribution company that operates in Karachi and surrounding areas, and developers must negotiate directly with it for guarantees.

4. Tariff Determination

• The FITs (upfront tariffs) are determined by NEPRA and are set for different project sizes and locations.
• The 2016 FITs are listed in Table 1, with rates ranging from 10.7251 to 11.5327 US Cents/kWh.
• Developers must apply for FITs by 30th June 2016.

5. Development Process Under FIT

• Stage 1: Letter of Intent (LOI): Developers apply to AEDB or provincial agencies, identify land, and go through the LOI application process.
• Stage 2: LOI to LOS: Developers acquire land, conduct feasibility studies, and apply for a generation license and environmental assessment.
• Stage 3: LOS to Financial Close: Developers sign the Energy Purchase Agreement (EPA), Implementation Agreement (IA), and finalize grid interconnection.

6. Key Risks and Mitigants

• Security and Political Risks: These are significant and can be mitigated through engagement with multilateral institutions like MIGA, IFC, and ADB.
• Currency Risks: Currency projection and convertibility can be managed with financial instruments and support from international financial institutions.
• Land Identification: This is a major challenge, requiring collaboration with local authorities and clear land allocation processes.
• Transmission and Distribution Issues: These can be mitigated by working with provincial and federal agencies to ensure grid connectivity.

7. Fiscal Regime and Taxation

• The fiscal regime includes income tax, withholding tax, provincial taxes, customs and import duties, sales tax/VAT, and Zakat (Islamic tax).
• Developers must be aware of these tax considerations to ensure financial viability and compliance.

8. Challenges and Recommendations

• Policy Uncertainty: Developers should monitor policy changes and engage with regulatory bodies for clarity.
• Land Identification: Collaboration with local governments and clear land allocation procedures are essential.
• Transmission and Distribution: Ensuring grid interconnection and working with distribution companies is crucial for project success.

This guide is a valuable resource for developers and investors looking to understand the regulatory, financial, and operational landscape of solar energy in Pakistan.