KARACHI: A consortium of Chinese banks and insurance companies have agreed to make an investment of over $1 billion in the first wind-power project in Jhimpir wind corridor in district Thatta. The project having capacity to generate 650 megawatts is to be installed by NBT Wind Power Company, a joint venture of Norwegian and local partners. The project will also provide job opportunities to more than 1,000 people in the area.

This agreement was reached during a meeting between Sindh Chief Minister Syed Qaim Ali Shah and a delegation of the NBT Wind Power Company led by its chief executive officer in Pakistan retired Lt-Gen Hamid Rab Nawaz.

The representatives from the banks and insurance companies of China were also part of the delegation.

All preliminary studies, like wind data, environmental protection report and technical studies have been carried out while the company is in the process of obtaining tariff and generation licence from the National Electric Power Regulatory Authority (Nepra), Mr Rab Nawaz informed the meeting participants.

Regarding arrangement of the funds, he said more than one billion US dollar would be provided by a consortium of banks of China, which would be made operational by mid 2016.

He said that Sindh was lucky having hydro, coal, wind, oil and gas resources to generate power. “And we are here to exploit our full expertise to utilise wind as source of power generation,” he added.

Speaking on the occasion, the chief minister said the Sindh government was working for power generation to overcome energy crises.

He referred to his participation in investment conferences aboard, including China, to bring investment and expertise for utilisation of untapped available natural resources in the province.

He said after the 18th amendment, provinces were empowered to negotiate and enter into agreement with any foreign country for trade, business and investment, but there were some formalities supposed to be met by organisations of central government like Nepra.

He said matters pertaining to Nepra had been taken up with authorities concerned and would be resolved without any difficulty amicably.

The chief minister recalled that the Sindh government was providing tax holiday and other incentives to attract foreign investment, which yielded encouraging results as at least 10 to 12 applications of foreign investment were in process only in power generation field.

Adviser to CM on finance and alternative energy Syed Murad Ali Shah, secretary of energy Wasif Abbas and secretary to CM Rai Sikandar also participated in the deliberation.