Yunus Brothers Group has signed a Memorandum of Understanding (MoU) with a Korean company South Eastern Power Company to develop 215 MWs hydro electricity power project. This is a run of the river project titled Asrit Kedam Hydro Power Project at the Swat River. Hong Seok Bin, General Manager KOSEP and Abdul Sattar Jumani, Chief Financial Coordinator, YB Pakistan Limited inked the memorandum. Yoon Tae Hak, CEO Mira Power Ltd and Sultan Ahmed COO Mira Power Ltd was also present on the occasion.
Spokesman of Yunus Brothers said, 'it will create job opportunities in the war affected area and will help in the overall economic and social uplift of the area by investing in Corporate Social Responsibility, which is evident from the past history of the group,' he added.
He added that the project will help the country in reducing power shortage through cheap renewable resource. It will also reduce dependency on imported fuel and reduce consumption of indigenous natural gas fuel. Hong Seok Bin, General Manager KOSEP said, 'It is a big step towards clean, renewable and sustainable energy. It will also help other investors to move forward in such neglected regions due to earlier security issues. KOSEP is a socially responsible company that operates in accordance with best international practices.' Macroeconomic indicators are improving and foreign investments in such scenario will help creating trickledown effect of economic progress. Experts applauded the project and foreseeing it to be a game changer in targeted area.-PR