Alternative energy development Board announces financial closure of 49.5 MW wind power project

Islamabad, July 18, 2013 (PPI-OT): The Alternative Energy Development Board (AEDB) announced financial closure of 49.5 MW wind power project developed by M/s three Gorges First Wind Farm Pakistan (PVT) Ltd. (TGF) during a financial closing ceremony held in the Ministry of Water and Power. During the ceremony, AEDB and IGF signed government guarantee. Engr.

Dr. Basharat Hasan Bashir, CEO, AEDB signed the document on behalf of Government of Pakistan and Mr. Wang Shenliang, CEO, TGF signed it on behalf of the company. The signing was witnessed by the Federal Minister for Water and Power, Khawaja Muhammad Asif, Minister of State for Water and Power, Mr. Abid Sher All, Secretary, Water and power and other government and private sector officers.

During the ceremony, Mr. Wang Shao Feng, Chairman and CEO, Three Gorges South Asia Investment Corporation highlighted that China Three Gorges group had developed a comprehensive investment plan in renewable energy sector in Pakistan that included 2000 MW wind power and 300 MW solar power projects.

This project was the first step towards realizing this plan. Mr. Wang further highlighted that their group was also investing in hydro power projects. They had plans to invest more in wind, solar, hydro power and coal.

Mr. Wang Shenliang CEO, TGF during his speech indicated that this is Phase-I project which is expected to be commissioned by June 2014. This project would be followed by two more wind power projects of 20MW each in same corridor in Phase-II. He informed the Minister that TGF also had developed Phase-III investment plan in which 250 MW wind and 200 solar power stations would be installed in potential areas of the country.

The CEO, TGF thanked the Minister for Water and Power and CEO, AEDB for their support and facilitation in developing Phase-I project and hoped that his support would remain available for materializing their future upcoming projects in Pakistan.

Khawaja Muhammad Asif, Minister for Water and Power expressed that this 49.5 MW wind power project of TGF is a showcase Chinese wind power project in the wind sector that is expected to open up vistas for huge Chinese investment in wind sector and large number of projects are expected to come online soon.

Financial closing of this project would encourage more wind power IPPs to quickly develop their projects and would pave ways towards harnessing colossal wind power potential in Pakistan for generation of electricity.

He added that the Government of Pakistan is liking at increasing the share of alternative and renewable energies, especially the wind energy in the overall energy mix and optimize the utilization of the country’s indigenous resource base to reduce dependence in imported fuel.

The strive to get more energy supplies through indigenous and renewable energy resources and the potential of wind energy in the country renders excellent opportunities for the investors to execute large projects. Government of Pakistan has been quite proactive to make the large scale wind energy projects bankable and executable in local conditions.

While assuring full support to TGF for all of their future endeavours in the renewable energy sector, the Minister said that the Government would continue facilitating the private sector projects and would endure maximum possible support at every step of executing their projects in future.

The CEO, AEDB formally announced the Financial Closure of the project. During his speech, he mentioned that this project would become a strong foundation for the wind power development that has over 50,000 MW potential only in Gharo corridor and is expected to take a significant place in energy mix.

Pakistan’s entry into the list of countries that are commercially deploying renewable energies for meeting energy needs is considered to be a historical event. He further exclaimed that he would like to congratulate the team of TGF and their contractors who are undertaking this project.

The CEO AEDB added that he would also like to highlight the efforts of NTDC/CPPA, NEPRA and BOI. He pointed that above all he would like to congratulate AEDB team that was engaged with the project team, without whose dedicated and relentless efforts, this milestone could never be materialized.

At the end of the ceremony, the Chairman and CEO, Three Gorges South Asia investment Corporation presented shields to the Minster for Water and Power, State Minister for Water, Secretary, Ministry of Water and Power and CEO, AEDB in recognition of their continuous support and facilitation that helped in achieving this milestone of the project.

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