US firm to invest $ 1.2b on energy Sector in Pakistan
Pakistan Times Business & Commerce Desk

ISLAMABAD: The Chief Executive Officer of Access Energy US, Shahid Naeem in a meeting with Minister of State for Finance, Omar Ayub Khan informed that Access Group International was planning to invest $ 1.2 billion in Pakistan in the energy sector in the next five years.

The company will develop a 100MW wind farm extendable to 1000MW in the Sindh province. The initial investment for the first phase would be over one hundred and nine million US dollars being entirely brought in from abroad. In the next five years, depending on the success of the first phase, AGI has made commitments to install 900 MW generating capacity in the region thus bringing total investment to over $ 1.2 billion.

The MOUs

MOUs for the above projects have been signed with Alternate Energy Development Board (AEDB) of Pakistan. The minister was informed that AGI in cooperation with AEDB is also in the process of making arrangements for transfer of technology and for setting up a Solar Cell Manufacturing plant in Pakistan. Working papers for this project have been finalized and companies with the manufacturing capabilities in Pakistan have been short-listed.

The minister was also informed that AGI has already acquired TOT and manufacturing rights for wind turbines in Pakistan. This would allow for a new industry to be set up in the country with worldwide export potential. AGI is also planning to set up a training institute in Pakistan to develop human potential in the field of renewable energy.

Solar Power

Shahid Naeem informed the minister that the AGI has commissioned a Canadian firm to manufacture Solar Power units with a 25KW capacity to be installed in different villages in Pakistan in order to provide a source for inexpensive electricity for small villages.

Omar Ayub appreciated that an expatriate Pakistani is working actively to bring huge investments and technology in Pakistan. He said the continuous growth of Pakistan’s economy has increased power demand manifold. It has now become imperative to take immediate steps to look for alternate sources of energy.

The minister said that the government is encouraging foreign and local investments in the energy sector and is trying to unshackle all bureaucratic hurdles faced by the investors. He also said, that under the dynamic leadership of the Prime Minister, Shaukat Aziz, the government and public sector will have to deliver quantifiable results.●