KARACHI: A Chinese Company is coming up with a 50 MW wind energy project in Gharo, some 60 kilometres from here.
This was stated by Vice-President of the HydroChina International Engineering Company Limited, Wang Youngqiang, here on Monday.
He said that the cost of the project has been estimated at dollars 120 million.
Wang who is on a visit to Pakistan, informed that the project has been initiated by HydroChina Dawood Power Limited (HDPPL)- a jointly incorporated company.
He further pointed out that this very project is a `symbol of China-Pakistan friendship' and that it would start functioning by June 2015.
Wang was of the view that the financial closure is expected to be reached either by the end of this year or by July 2014.
He said that the project would also help provide jobs to the local people.
Wang said that the company is also thinking of initiating nine more such projects of 50 MW each, in the time ahead because there exist good prospects of the wind energy projects.
"We look forward to more business especially in the power sector" to invest, he added.
Wang was of the view that there is a potential of up to 50,000 MW of wind energy in Pakistan.
He was also appreciative of the new federal government's focus for resolving the energy problem in the country as well as the circular debt besides coming up soon with the new energy policy.
Investment Manager of HydroChina Engineering Company Limited, Jiang Li and Chief Financial Officer of the HydroChina Dawood Power Limited, Muhammad Saleem Munshi, were also present on the occasion.
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