Chinese company Datang to build 500 MW of wind energy in Pakistan

Two top entities dealing in renewable energy have joined hands to generate 500 MW wind power in Pakistan. Chief Executive of Pakistan’s Alternative Energy Development Board Arif Alauddin said here on Friday that China Datang Corporation Renewable Power Company which is the largest power producer (74000-1000,000 MW) and NBT, a Norwegian Company reached an agreement to develop 500 MW wind energy in Pakistan.

He said that the financial close of its first 50 MW wind farm is expected by end of this year. Another company namely AEI, a multi-billionaire UK company also supported the agreement and resolved to be an investment partner with the NBT and Datang for making investment in Pakistan.

Pakistan and China on Friday signed four memorandums of understanding (MoUs) in health, wind power and building of two major highways in Gilgit-Baltistan.

The memorandums of understanding were signed after the address of President Asif Ali Zardari to the Pak-China Economic Cooperation Forum.

Under the agreement, China will build 165km long Jaglot-Skardu Road and 135km long Thakot-Sazin Road. The projects would cost Rs45 billion with 15 percent financing by Pakistan and 85 percent by China.

Under another MoU to be jointly executed by Chinese company Datang and Norwegian company EBT, 500 MW would be produced through wind power. The wind turbines would be set up along the coastal areas of Karachi and Sindh at a cost of $1 billion and would be completed in a short span of time.

The agreements were signed by National Highway Authority Chairman Altaf Ahmad Chaudhry with his Chinese counterpart and witnessed by President Zardari.

Meanwhile, a senior Chinese trade official said on Friday that the trade between China and Pakistan could double within five years to hit $15 billion by 2015.

Addressing the China-Pakistan Economic Cooperation Forum, Chinese Minister of Commerce Chen Deming said that there is enormous potential for trade growth between the two countries.

He called upon the companies to take full advantage of the existing free trade agreement to expand investment and bilateral trade.

He also urged the two sides to make full use of bilateral cooperation mechanisms and make them serve the two countries’ trade and economic cooperation.

China-Pakistan trade in the first five months of this year reached $3.3 billion, up 31 per cent. Addressing the China-Pakistan Economic Cooperation Forum earlier on Friday, Chinese Commerce Minister Chen Deming said that bilateral trade could hit $15 billion in 2015.