LAHORE: A Chinese company, Sany Group, has announced plans to invest $1.5 billion in the development of wind energy in Punjab.
The group, which is one of China’s top construction machinery manufacturers, along with the Punjab Board of Investment and Trade (PBIT), is considering sites for establishing wind farms.
A top representative of the company, Ryan Zhao, said the Sany Group continued to make sustainable efforts to develop business in Punjab’s emerging economy.
He said this during a visit to the PBIT where he discussed the group’s plans, status of proposed sites and further procedure to initiate projects in cooperation with the Punjab Power Development Board (PPDB).
The PBIT shared the renewable energy mapping report, prepared by the World Bank, to identify the sites for the wind power projects.
The company has already selected two sites for wind mast installation and has submitted a land application with geographical coordinators of the selected sites.
The PPDB has asked them to go through the process of registration, so that the Letter of Intent can be issued for further progress. PPDB has been established as a one-window facilitator to promote and encourage private sector on behalf of the Punjab government.
The Sany Group is the fifth largest construction machinery producer in the world and the number one in China. It is a global manufacturer of industry-leading construction and mining equipment, port and oil drilling machinery and renewable wind energy systems.
The firm signed a memorandum of understanding (MoU) with the PPDB in May to develop wind power projects of 1,000-megawatt capacity in Punjab over a period of five years. They have also signed an MoU with the PBIT for facilitation.