$875m FDI expected in energy sector

ISLAMABAD: An investment of $875 million is expected in the alternative energy sector in various projects, officials sources said.

They said five international firms were agreed to invest in the sector and the said amount will be utilized in various projects to be started in Sindh province.

According to them, after the completion of the projects, about 875 mega watt electricity will be produced through air and solar energy units. Giving the details of the projects, Air Marshal (retd) Shahid Hamid, chairman Alternative Energy Development Board (AEDB) said that Sindh government has already provided a land of 22,000 acres to the board for the installation of the units.

He said the projects will be started in the area of Gharu to Katie-Bandar and about 17,000 new job opportunities will be created for local population.

He said those companies which will invest in the projects include a German company G-Energy with investment of $400 million, Denmark company Westas with $100 million, American company Axces with $75 million and two Chinese companies Sestak and Abex have invested $108 million and $91 million, respectively.

Mr Hamid said G-axe and Westas have also expressed willingness to invest in Pakistan in alternative energy sector.

He said with the installation of alternative energy units in the area, the electricity demand of production units like Karachi Steel Mill, KPT and Port Qasim will be fulfilled and these units will get the required electricity.

The chairman AEDB said world’s third biggest company in the alternative energy sector Gamesa has also showed interest to invest in Pakistan in the sector. He said through the promotion of alternative energy in the country the environmental pollution problem could be controlled while cost effective electricity could be supplied to the rural areas of the country. app

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