Deal signed under 20-year BOOT model: Burj, PCL to develop and finance first wind power project

KARACHI: Burj Solar and Power Cement Limited (PCL) have signed an agreement to develop and finance the country’s first distributed generation wind power project of 9.6 megawatts (MW).

Under the 20-year Build-Own-Operate-Transfer (BOOT) model, Burj Solar will install two 4.8 MW wind turbines at PCL’s premises, with Orient Energy serving as the contractor.

This project builds on the successful partnership between the two companies, following Burj’s previous 7 MW solar power plant for PCL commissioned in 2022 under the same BOOT structure.

The distributed wind project holds immense commercial viability, promising substantial savings on PCL’s energy costs while reducing reliance on fossil fuels – a step towards import substitution for the nation.

Estimates suggest the initiative could potentially offset approximately 15,000 metric tons of carbon emissions annually while generating around 30 gigawatt-hours of clean energy every year.

Arif Habib, Chairman of Arif Habib Group, underscored PCL’s steadfast commitment to harnessing renewable energy sources, emphasizing the collaboration’s objective to combat climate change and achieve the United Nations’ Sustainable Development Goals.

Muneer Kamal, Chairman of Burj Modaraba and CEO of Pakistan Bankers Association (PBA), lauded the partnership, highlighting the banking sector’s pivotal role in facilitating clean energy infrastructure development. He stressed Burj Modaraba’s mission to promote clean energy initiatives.

Saad Zaman, Group CEO of Burj Capital, affirmed the company’s dedication to driving the adoption of cutting-edge clean energy technologies and e-mobility applications in Pakistan. Burj aims to empower businesses and consumers to access and utilize natural resources through the nation’s first Green Modaraba.

Kashif Habib, CEO of Power Cement, underscored the project’s significance, recently approved by the Board of Directors, emphasizing the substantial cost savings and alignment with the company’s sustainability goals and commitment to renewable energy.

The 9.6 MW distributed wind power project marks a major milestone in Pakistan’s transition towards clean energy, showcasing the potential of public-private partnerships in driving sustainable development and mitigating the impacts of climate change.

Copyright Business Recorder, 2024