Fifteen overseas Pakistani investors have shown interest to invest in hydel power projects worth Rs 3.8 billion to be constructed in Punjab. They would be provided state-of-the-art facilities at Power Department under one window operation in this regard.
Punjab Power Minister Chaudhry Armaghan Subhani said this in a meeting on Friday to review the investment tendencies of overseas as well as local investors in hydel projects in Punjab and consequently to finalise arrangements for interesting parties, disclosed an official.
The meeting was also attended by Chief Engineer (Power) Muhammad Yaqoob and Director Technical Muhammad Rahat Khan and high ranking officer of attached departments.
Chaudhry Armaghan Subhani said that successful holding of Overseas Pakistanis Investment Conference at Islamabad was a great advancement towards enhancing investment-friendly atmosphere in the country, which would yield fruitful impact on our economy.
He said that Punjab was a land of 23,712 miles long canals and cheap electricity could be produced by installing turbines of two to 50 mega watts on at least 38 selected falls on these canals.
He said that according to the government of Pakistan's Renewable Energy Policy, Wapda was bound to purchase the total quantity of electricity produced privately whereas an investor could also utilise it for its own industry despite selling the produced energy to local vicinity as well. He said that feasibility reports of four falls had been prepared whereas in the light of approved policy, the investors were supposed to produce power according to their own needs.
The minister said that the investors would be granted the Letter of Interest only if they got themselves registered with the Punjab Power Development Board. He said that on the import of machinery required for these projects, the government had waived off the excise duty, sales tax and income tax over energy production.
"The government would only charge investors the water usage price which is 15 paisas per unit." He said the government would offer land on lease for 50 years to the investors along with franchise opportunities for interested parties.