ISLAMABAD, June 22: With the signing of closing documents for the 49.5MW wind power project of Fauji Fertiliser Company in the Gharo-Ketibandar Wind Corridor here on Wednesday, the country is now entering into the era of generating electricity from renewable energy.

The project will be constructed and commissioned within 16 months with an expected cost of $133.5 million, financed by FFC and leading local banks. The wind power generation will help reduce the carbon footprint in the country and improve the national as well as global environment in addition to its economical benefits.

AEDB Chief Executive Officer Arif Allauddin and FFC Managing Director Lt-General (Retd) Malik Arif Hayat signed the closing document witnessed by Federal Minister for Water and Power Syed Naveed Qamar.

The minister termed the agreement as a landmark achievement in the history of wind energy sector. “With this development, the way has paved for fast development of the renewable energy sector since the whole background infrastructure like tariff, grid code, EPA and IA was in place for projects in renewable energy sector,” Qamar said.

Pakistan offers an investment-friendly and lucrative wind energy market for the investors and equipment suppliers, he added.

He said that Pakistan possesses immense wind resources, especially in the coastal areas of the country, which could not be harnessed for one or the other reasons.

The minister said that the federal government was in touch with the Sindh government for its help in allocating more land for wind project in Gharo-Ketibandar Wind Corridor.

More corridors being explored all over the country, wind masts were being installed in Balochistan and Punjab, he said.

He lauded National Electricity and Power Regulatory Authority (Nepra) for its efforts to give tariff to FFC which would act as model for other renewable energy projects especially wind power projects.