Islamabad real estate project signs power agreement with foreign firm

Agreement signed between luxury real estate project EIGHTEEN and TAQA Power

ISLAMABAD:

Luxury real estate project of the twin cities EIGHTEEN has signed an agreement with electricity giant TAQA Power - power arm of TAQA Arabia Qalaa Holdings Company - for the electrification of a housing project in Islamabad.

The agreement was signed between Eighteen’s CEO Tarek Hamdy and TAQA Power Managing Director Samy Abdelkader, read a communique.

The project aims to put in place an effective distribution network to meet the developers' needs with highly reliable and effective power solutions.

Under the agreement, TAQA Power will provide full energy solutions for EIGHTEEN, which includes designing and building of a distribution network as well as a power source including both backup generation and solar plant for reliable and green solutions for the customers.

Upon the completion of the construction, the power company will ensure a reliable power system for the society while ensuring higher standard of operation and maintenance.

Commenting on the agreement, Tarek Hamdy said, “We are delighted to have TAQA Power onboard to provide the best electrical infrastructure and optimised solutions for our residents. This agreement is a milestone for the development of the project as it is a first of its kind to be implemented in Pakistan, entailing long term development over a period of about 15 to 20 years”.

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Speaking on the occasion, Samy Abdel Kader expressed, “It’s a great privilege to be selected by Elite Estates Private Limited, the developer of EIGHTEEN project, for a power plan that matches the highest standards and adopt green energy solutions."

"Pakistan is a promising market in South Asia and with our regionally significant reputation in the power sector, this partnership will reap great benefits for both. We hope to leverage this cooperation towards more fruitful projects with Elite Estates in the future," he added.

TAQA Arabia’s CEO, Pakinam Kafafi added, “I am very pleased with this project and our collaboration with ORA development as a strategic partner to TAQA Arabia and its subsidiaries for suppling their development projects with sustainable energy and utility solutions in Egypt and elsewhere around the world."

According to the communique, EIGHTEEN is an exclusive joint real estate venture of Egypt-based Ora Developers, and Saif Group and Kohistan Builders (KBD) of Pakistan. Located just 10 minutes from the New Islamabad International Airport, the grand project occupies a focal place in the twin cities. With an aim to connect sophistication with convenience, the project aims to turn the dream of its residents of a lavish lifestyle into reality.

TAQA Power is a first mover and leading integrated private power sector player in Egypt, providing full scope of services along the value chain including development, construction, operation and maintenance, billing and collection as well as energy efficiency of conventional and renewable power generation and distribution projects.

The company boasts of a strong track record of delivering operational excellence through distributing electricity to more than 7,000 customers within diversified mega projects in various industries with total contracted capacities exceeding 1,000 MW.