Business

Norwegian firm to set up 500MW wind power project

Govt to offer incentives for setting up wind mills by 2012.

Express July 04, 2011

ISLAMABAD:

Norwegian company NBT has expressed interest in establishing a 500-megawatt wind power project in Pakistan, by investing about $1 billion in alternative energy, according to NBT Chairman Arne Myre.

Speaking at a meeting with Water and Power Minister Syed Naveed Qamar on Monday, Myre said the company had already applied for a Letter of Intent (LOI) and after its issuance, it would complete a 250MW wind project within 18 months.

According to Myre, NBT owned 27 per cent shares of Nordic Wind Power, a reputed name among wind turbine manufacturers in the world. He said his company would establish hydropower projects in Pakistan and asked for setting tariff and providing support.

Naveed Qamar said the company’s involvement in Pakistan’s wind energy market would be encouraging for the market and other investors.

Qamar claimed that all departments concerned would be contacted to speed up the process, allowing timely initiation of the project. He also asked Alternative Energy Development Board (AEDB) to finalise upfront tariff for wind projects with National Electric Power Regulatory Authority (Nepra).

“Alternative energy projects remain the government’s top priority and it will offer incentives to investors who establish wind power projects by 2012,” added Qamar.

Published in The Express Tribune, July 5^th, 2011.

COMMENTS (4)

Ahmed | 12 years ago | Reply Most of your bloggers so not know anything about economics, current account surpluses, export capabilities, competitive nature of industries. You are young turks who are in love with Imran Taliban . Pakistan had a similar messiah in the name of ZA Bhutto who promised Bread, clothing and house to every one. We know how it went. Imran is promiising end to corruption. It is almost like Jamaat-e-Islami promising a rule by Pious Muslims or Taliban promising Pakistan to be a true islamic Caliphate. If you look at development of any country. It basically depends on four things. 1) level of education of women in that country. 2) Expenditure on infrastructure. 3) Creating five or six areas where you have the lowest cost in the world (Pakistan has apparel, rice and fresh vegetable and Fruits). 4) Having a safe but modern environment so that foreign investment can pour in. Corruption only costs us $4 to $5 billion per year. What we need is exports to grow $10 billion per year and everything will be solved. India has corruption. So does China. Yet they are growing. Government does not reduce corruption. Economic. development does. As India and China are developing they are creating an educated middle class and it is middle class that is wanting reduction of corruption by pushing government to take speecific steps. All governments to stay in power follow the middle class. Do not look for an individal. They usally destroy a country. Do not look for an ally to get you out of Trouble. Burma and North Korea are the poorest countries in the world and getting poorer and yet China is their biggest ally. It is a good thing that foreign companies are wanting to invest in Pakistan. Do not be skeptic. They are bringing in capital and expertise. It only helps Pakistan. Think before you blog.

asad ali | 12 years ago | Reply Hope NBT knows how to deal with Circular debt when it comes to receiving proceeds of Power disptach. Moreover, will the country risk allows direct foreign investment from an EU country? I think it is just another eye wash

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