Islamabad: A state-run Chinese firm will invest six billion dollars in Pakistan over the next five years to help it overcome an energy crisis and ensure availability of sufficient electricity.
China Water and Energy Investment Corporation Vice President Wang Shaofeng, who is leading a six-member delegation to Pakistan, told Board of Investment Chairman Mohammad Zubair that the investment will be made to address the power crisis.
Briefing Zubair on the projects, Wang said the construction of a 50 MW wind farm was started in January.
All civil works and 50 per cent of wind turbine installation is scheduled to be completed by the end of this year while the project will start commercial operations in June 2014.
Wang said the 720 MW Karot hydropower project in Punjab is in the feasibility stage and the tariff has been approved. The 1100 MW Kohala hydropower project in PoK is in the first stage and tariff negotiations began in September 2011.
Land acquisition and preparation for construction will be completed in 2015 and construction will begin in 2016.
The construction of the 120 MW Taunsa hydropower project, approved in June, will start in 2015 and it will be completed in four years.
The other projects that the Chinese company is involved in include two wind farms of 450 MW, a wind measurement project in Punjab and two 50 MW solar power projects in Punjab and in Sindh.