Norwegian firm to set up 500 MW wind energy project in Pakistan

Norwegian company NBT has expressed interest in establishing a 500-megawatt wind power project in Pakistan, by investing about $1 billion in alternative energy, according to NBT Chairman Arne Myre.

Speaking at a meeting with Water and Power Minister Syed Naveed Qamar on Monday, Myre said the company had already applied for a Letter of Intent (LOI) and after its issuance, it would complete a 250 MW wind farm within 18 months.

According to Myre, NBT owned 27 per cent shares of Nordic Wind Power, a reputed name among wind turbines manufacturers in the world. He said his company would establish hydropower projects in Pakistan and asked for setting tariff and providing support.

Naveed Qamar said the company’s involvement in Pakistan’s wind energy market would be encouraging for the market and other investors.

Qamar claimed that all departments concerned would be contacted to speed up the process, allowing timely initiation of the project. He also asked Alternative Energy Development Board (AEDB) to finalise upfront tariff for wind projects with National Electric Power Regulatory Authority (Nepra).

“Alternative energy projects remain the government’s top priority and it will offer incentives to investors who establish wind power projects by 2012,” added Qamar.