The Alte-rnate Energy Development Board (AEDB) has reportedly approved at least six wind power projects funded by the World Bank, after the prime minister and the World Bank put pressure on the Power Division, well-informed sources told Business Recorder.
On Tuesday, the Chief Executive Officer (CEO) AEDB, with reportedly a "dubious" background in Islamabad Electric Supply Company (Iesco) as the CEO signed the agreements with the sponsored companies at a ceremony.
On October 29, 2019, Prime Minister Imran Khan, highlighted certain pending matters, including finalization of alternative energy projects involving the World Bank funding.
Minister for Power, Omar Ayub clarified that necessary action relating to alternate energy projects was in hand. The AEDB Board meeting has been scheduled. The Nepra has been consulted. Provinces are also being consulted and process will be concluded shortly.
An official stated that the sponsors wanted to hold signing ceremony in the committee room of the Power Division but later refused to be part of any such ceremony.
An official statement, during the signing ceremony, attributed to CEO AEDB, Dr Rana Abdul Jabbar, stated that he appreciated the efforts made by the private sector in bringing the clean & cheaper electricity to the consumer of Pakistan. He maintained that the increased share of RE in the overall generation mix will not only bring down the overall basket tariff but will also help in reducing the import bills of Pakistan. Further, the huge investment coming in the field of RE will also help in achieving the economic growth of country
In view of the vision of the GoP to increase the share of renewable energy to at least 30 percent by year 2030, AEDB has executed Implementation Agreements (IAs) with 11 IPP Wind Power Projects on behalf of the GoP. The cumulative capacity of these wind projects is 560MW and these projects would provide more than 1.8 billion units of clean energy annually.
AEDB signed agreements with 11 wind power projects, i.e, M/s Lakeside Energy Ltd, M/s Astistic Wind Power (Pvt) Ltd, M/s Liberty Wind Power-1 Power Ltd( ex Zulikha Energy Ltd), M/s Indus Wind Energy Ltd, M/s ACT-2 Wind(Pvt) Ltd, M/s Liberty Wind Power-2 Power Ltd,(Ex Noor Solar Energy (Pvt) Ltd, M/s Metro Wind Power Ltd, M/s NASDA Green Energy (Pvt) Ltd), M/s Din Energy Ltd, M/s Gul Ahmed Electric Ltd, M/s Tricon Wind Power Limited, of 50 MW each (total 550WM) having lowest tariff which will have positive impact on the national basket price.
An investment of approx $ 700 million will be brought into Pakistan as soon as these projects achieve financial closing in coming week. These projects are envisaged to come online by year 2021.
Unconfirmed reports suggest that IMF Mission in its recent discussion with Pakistani authorities had also linked the next tranche with agreements of RE projects.
Copyright Business Recorder, 2019
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