Fauji Fertilizer Company Energy Limited financial close of Wind Power Project, First in National History
Islamabad: The financial close ceremony of FFC Wind Power Project held here today. The closing documents were signed by Mr. Arif Alauddin, CEO on behalf of the Alternative Energy Development Board, and Lt. Gen. Malik Arif Hayat HI (M) Retd, CE / MD on behalf FFC Energy Limited here today.
The Minister for Water and Power, Syed Naveed Qamar, on the occasion congratulated AEDB and FFC for the land mark achievement they have made in the history of wind energy sector.
He said that Pakistan possesses immense wind resources, especially in the coastal areas of the country, which could not be harness for one or the other reasons. Now with the FFC financial close, the way has been paved for fast development of the sector, as now the entire background infra structure like IA, EPA, Tariff, Grid Code was in place for the other RE projects, he added. He said that Pakistan offers an investment friendly and lucrative wind energy market for the investors and equipment suppliers. He said that Pakistan offers an investment friendly and lucrative wind energy market for the investors and equipment suppliers.
The Minister appreciated NEPRA for their efforts to give tariff to FFC which would act as model for other RE especially wind Projects. He said that the government would soon announce feed in tariff, fixed tariff for other RE projects especially wind. He said that FFCEL financial close was beginning of a series of wind projects, as there were another 7-8 more projects in pipeline, expected to achieve financial close during the current year in wind sector alone. The Minister said that Federal Government was in contact with Sindh government for their help in getting more land for wind project in Gharo-Ketibandar Wind Corridor. He said more corridors being explored all over the country, wind masts were being installed in Balochistan and Punjab.
The Minister highly appreciated the AEDB team for its relentless efforts in achieving the success. He hoped that it would be able to achieve the target with same spirit, and would not disappoint the nation. He said people would find faults but they should continue to move forward. The 1994 policy was criticized but history has proved that the policy was a success; therefore, they should move forward and take the lead.
He said that our target is to see financial close of 1000MW energy through wind. He said that he had great expectations from AEDB. He hoped that the coming months would witness increased activities not only in wind but also in other RE sectors.
Chief Executive and Managing Director of the Company said that the FFC project would be expanded to another 100 MW. Underlining the power needs of the country, he said that FFC and their partners would be in forefront to explore this potential in national interests. He appreciated AEDB for their facilitation, which helped made the project a success.
CEO AEDB, Mr. Arif Alauddin narrating the steps required for development of the wind power project, said that a lot of grid code was required to be changed for evacuation of power to national grid which was changed for the first time in the history Pakistan. He appreciated NEPRA for quick processing of FFC case in shortest possible time, and NORDEX for not only supplying turbines but also being EPC Contractor of the project. Only a few years ago, the wind energy sector of Pakistan had little attraction to the investors and suppliers. Now seven (07) of the top ten (10) EPC contractors / manufacturers are ready to provide their services in Pakistan. The financing of projects has also become available with IFC, ADB, OPIC, CAP ASIA and other financing institutions ready to finance wind power projects.
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