Hyundai to invest in 50 MW Yuna wind power project in Pakistan

According to a statement issued by the Board of Investment (BOI) on Saturday , the Korean consortium of Hyundai Heavy Industries, Hyundai Engineering, Hyundai Corporation and Korea Southern Power Co. Ltd. (KOSPO) and YB Group (Lucky Energy) Pakistan has signed an MOU in Seoul on January 25, 2010 for the 50 MW Yuna Wind Power Project (Jhimpir Sindh).

Ho-Ki, Nam, CEO KOSPO alongwith top executives of Hyundai and Sohail Tabba, CEO Lucky Energy Pvt. Ltd. Signed the MOU. Pakistans Ambassador to Korea also attended the ceremony.

The statement said that this is the first ever foreign investment / joint venture in the Green Energy, Wind Power sector of Pakistan. It is hoped that this will only be the beginning of greater business collaboration in the wind and power sector having 50,000 MW potential.

At this time of acute energy shortage in Pakistan, it is a step in the right direction. Pakistan like other countries, is looking to invest in renewable energy amid higher oil prices and growing environmental concerns.

BOI statement further hoped that more Korean investment will follow suit in green energy sector (wind energy, hydro, solar power and bio energy). After Daewoo Corporations M2 project in the 90s, LOTTE Group recently had a successful visit of Pakistan and now Hyundai is investing in clean energy area.

The consortium led by Hyundai Heavy Industries will sign an MOU with Yunus Brothers for YUNA Project to build a wind farm with 50MW capacity at Sindh in southern Pakistan on January 25.

The YUNA project will install 30 units of 1.65MW wind turbines manufactured in Hyundai Heavy’s Gunsan facility. The wind farm will generate 15MW electricity annually when completed by the middle of 2010. It is enough to supply 60,000 households helping to solve the country’s chronic electricity shortage.