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Tuesday, October 19, 2021

WB to provide $320mn to six firms to set up 310mw wind power plants

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The World Bank’s International Finance Corporation as lead arranger will provide $320 million long-term debt financing to six companies to set up wind power plants under Super-6, costing total of $450 million.

Addressing signing ceremony of 310 megawatt Super-6 wind power project at the PM Office in Islamabad, Prime Minister Imran Khan said that the government’s year 2030 target of 30 percent renewable energy to be added to total power generation would ensure affordable, sustainable and clean electricity for Pakistan.

He said that the short-term planning of previous governments to set up power stations running on expensive imported fuel was the main reason behind electricity crisis. He expressed satisfaction over the signing of wind power plants in line with the government’s vision of clean energy, which he said is relevant for Pakistan due to its greater vulnerability to climate change and melting glaciers.

He thanked the World Bank and IFC for resuming the almost elapsed project due to negligence by the previous government and said the financed wind projects would ensure cheap electricity for consumers for their non-reliance on imported fuel. He said that the government faced tough economic challenges by inheriting $120 billion fiscal deficit.

However, he said that the government would overcome these difficulties with resilience and prudent policies. He spoke high of his economic team whose tireless efforts resulted in gaining strength of rupee, showed positive market trends, increased exports and restoration of investors’ confidence.

Prime Minister Imran Khan also lauded relevant departments on recovery of Rs120 billion by hitting at those involved in theft of electricity. He said that the bottom line of his government’s economic policy was ensuring trickling down of benefits of any project to the common man. He stressed upon the importance of wealth creation with proper taxation to transfer the monetary impact to the grassroots level.

Federal Minister for Energy Omar Ayub said that about 8,000 megawatts would be added to the national grid generated through renewable means by 2030, which would boost industrialization and ultimately employment for locals. In Pakistan, $130 billion market of renewable energy had immense potential, he said, adding that setting up of wind and solar panels would develop an ecosystem with clean energy.

IFC regional head Nadeem Siddiqi said that Prime Minister Imran Khan’s encouragement of private sector in renewable energy would help bring greater investment. He lauded WB Country Director Illango Patchmuthu for the support of wind power projects. Adviser on Energy Nadeem Babar said that Pakistan had a bright future as it was set to witness a paradigm shift in the domain of energy.

Earlier, the six companies in the presence of the World Bank and IFC signed the launch of Super-6 wind power project. The companies include ACT2Wind, Artistic Wind Power, DIN Group, GAEL, Metro Power and TriCom.

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Staff Writerhttps://www.thewallet.com.pk
The Wallet Team produces these stories.
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