The Pakistan Tehreek-e-Insaf-led provincial government signed a Memorandum of Understanding (MoU) with a foreign company on Friday in a bid to tackle the burgeoning power crisis.
The MoU was signed with Galaxy Consortium, a company working in the hydel power sector, during a ceremony at the Chief Minister House.
According to the MoU, which was signed by K-P Energy and Power Secretary Khalid Gillani and Galaxy Group Chief Executive Officer Edward Brigham, the company will invest $2 billion in hydel power generation in Khyber-Pakhtunkhwa (K-P) to produce 1,000 megawatts (MW) of electricity.
The projects would be based on Public Private Partnership (PPP) and Build-Operate-Transfer (BOT) basis. The sites for the projects would be decided through mutual consultations, while the provincial government would facilitate the company through one-window operations.
Speaking on the occasion, K-P Assembly Deputy Speaker Imtiaz Qureshi lauded investment in the sector of hydel power generation in K-P.
“Such huge foreign investment has never been made in the power sector of the province,” he said. “The $2 billion investment would not only address the power crisis, but also create dividends in the shape of profits,” added Qureshi.
Aside from the deputy speaker, MNA Sheharyar Afridi, Galaxy Group representative Hasting Hong, Pakhtunkhwa Hydel Development Organisation Managing Director Bahadur Shah and Chief Planning Officer Zainullah Shah were also present at the MoU signing ceremony.
On July 8, a high-level meeting regarding foreign investors and hydel power projects was held under the chair of K-P Chief Minister Pervez Khattak at his office, where the provincial government exchanged views with representatives of Galaxy Group.
On the occasion, Galaxy Group expressed interest in investing in hydel power generation projects in K-P. The meeting had decided to further discuss the matter and sign a MoU in the next few days.
Published in The Express Tribune, July 13th, 2013.