The Chief Executive Officer of Access Energy USA, Shahid Naeem in a meeting with Minister of State for Finance, Omar Ayub Khan here on Monday disclosed that Access Group International is planning to invest $1.2 billion in Pakistan's energy sector in the next five years. The company will develop a 100 MW-wind farm extendable to 1000 MW in Sindh province.
The initial investment for the first phase would be over one hundred and nine million dollars being entirely brought in from abroad in the next five years, depending on the success of the first phase, AGI has made commitments to install 900 MW generating capacity in the region thus bringing total investment to over $1.2 billion.
MoUs for the above projects have been signed with Alternate Energy Development Board (AEDB) of Pakistan.
The Minister was informed that AGI in co-operation with AEDB is also in the process of making arrangements for transfer of technology and for setting up a solar cell manufacturing plant in Pakistan.
AGI is also planning to set up a training institute in Pakistan to develop human potential in the field of renewable energy.
Shahid Naeem further told the Minister that the AGI has commissioned a Canadian firm to manufacture solar power units with a 23 kW capacity to be installed in different villages in order to provide inexpensive electricity.
The Minister appreciated that an expatriate Pakistani is working actively to bring huge investments and technology in the country. He said the continuous growth of Pakistan's economy has increased the power demand manifold and it has now become imperative to take immediate steps to look for alternate sources of energy.
Omar Ayub said that the government is encouraging foreign and local investments in the energy sector and is trying to unshackle all bureaucratic hurdles faced by the investors.
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