US Firm Plans $1.2bn Investment For Wind Power in Pakistan

A US-based energy firm plans to invest $1.2 billion in Pakistan's wind power generation sector in Sindh province, the Ministry of Finance said in a statement. Chief Executive Officer of Access Energy Group International (AGI) of the United States, Shahid Naeem met with Minister of State for Finance Omar Ayub Khan here on Monday and informed him that his company was planning to invest $1.2 billion in Pakistan's energy sector over the next five years.

The company will develop a 100mw wind farm, extendable to 1,000mw, in the province. The initial investment for the first phase would be over $109 million to be brought entirely from abroad.

In the next five years, depending on the success of the first phase, AGI has made commitments to install 900mw generating capacity in the region. The relevant memorandums of understanding (MoUs) for the above projects have been signed with Alternate Energy Development Board (AEDB) of Pakistan.

AGI has already acquired manufacturing rights for wind turbines in Pakistan. This will allow for a new industry to be set up in the country with worldwide export potential. The company is also planning to set up a training institute in Pakistan to develop human potential in the field of renewable energy…