Canadian firm to invest $500 million for 'Wind Farm'
ISLAMABAD: A Canadian firm, Axor Group Inc, will invest $500 million to set up a 100 megawatt (MW) 'wind farm' in Pakistan to enable the country make its entry in the league of 'Green Energy' users. The Alternative Energy Development Board (AEDB) has registered this firm for setting up a 100 MW wind farm in Pakistan on Built Own Operate and Transfer (BOOT) basis. The AEDB registered the firm after it submitted Canadian bankers comfort and financial capability letter and financing of power purchase agreement along with project proposal for the 500 million dollars investment.M Hassan, country representative of Axor Group Inc in Pakistan, while talking to media people here said that this was the first time that any Canadian company has made investment in the sector.The registration of Axor with AEDB opens the door for setting up a series of wind farms in the coastal belt of Sindh.The company will start from a 100 MW wind farm and, within 12 months of signing of Power Purchase Agreement (PPA) with Karachi Electric Supply Corporation (KESC), will set up wind farm of 100 MW and add another 100 MW till it reaches its ultimate capacity of 1,000 MW.By developing this 100 MW wind farm within the vicinity of KESC domain will help in meeting the increasing demand of electricity.Axor is sure that setting up of this first wind farm in Pakistan would be a step forward towards the target of AEDB to contribute 10 percent share in the national electricity generation mix by year 2015.The project will also help in reducing power shortage in KESC system and also save a large amount of money by supplying cheaper and environment-friendly source of energy as compared to thermal.A delegation of the company will soon visit Pakistan and meet government officials, including President, Prime Minister and Minister for Water and Power.Producing power through wind energy like other developing countries would save a large amount of foreign exchange spent on import of oil for energy generation.
