The Punjab government under Renewable Energy Sector Development Programme has taken up preliminary tasks of establishment of Punjab Power Development Company (PPDCL) and construction of 5 Hydel Power Projects in the province to enhance the energy production in the country. The loan negotiations for financing of Rs 4 billion have already been completed.
The Punjab government will contribute 20 percent whereas, rest of the amount would be provided by the Asian Development Bank, says a handout issued here on Sunday.
Punjab Minister for Power, Chaudhry Armaghan Subhani disclosed this in a meeting held to review the pace of establishment of PPDCL in his office on Saturday. He said that as per loan negotiations, Punjab government intended to establish a corporate body of PPDCL for the construction of five hydel projects, which would be fully functional before June this year.
He said that it would also be given financial and operational independence by the said date. He said that the company would devise a business plan and strategic development roadmap, so that a single corporate body should be held responsible for given assignment not later than June 30, 2008.
The minister said that the Company would carry out its operations on war footing basis so that the development of renewable energy resources could be taken up on fast track.
He said that the government would also seek cooperation from private sector in order to get maximum output. He said that the Company would not only look after the construction work of the Hydel Power Projects in the province but it would further point out the potential sites along with the preparation of their feasibility reports.
Chaudhry Armaghan Subhani directed the Chief Engineer (Power) to ensure the in-time establishment of the Power Company and keep him updated by submitting a weekly progress report on regular basis in this regard.
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