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Financial Closing of 56.4 MW ZORLU Enerji Wind Project. Equipment & Turbines Arrived In Karachi; Construction Has Already Been Started. Islamabad: May 29, 2012 – The financial closing of the 56.4 Zorlu Enerji Wind Power project was held here at the AEDB Head office on Tuesday, the 29th May, 2012. The ceremony was witnessed amongst others by the Minister for Water & Power.

CEO AEDB and Zorlu Enerji signed the documents. The equipment and turbines for the project have been arrived in Karachi and construction has already been started.

 Addressing on the occasion, the Minister for Water and Power, Syed Naveed Qamar appreciated the Turkish investors and said that Zorlu is the company who is pioneer in the wind power project in Pakistan. He said that as the project has completed all of its legal and financial formalities and started construction. This is very remarkable day that 56.4 MW will be in the national grid by December 2012. Pakistan has always welcomed the Turkish investors and facilitated them. He said lots of other Turkish companies are keen to invest in the power sector which shows confidence on Government policies. The Government is offering upfront tariff for wind and would provide land for the projects and in this regard ministry has directed provincial government of Sindh to provide land to Turkish companies at reasonable rates to promote investment in the country. He appreciated the future plan of the Zorlu to further invest in the wind power to generate 200 MW. Talking about the issues of management in DISCOs federal minister said that distribution companies are not following the given quota and every company wants to give more supply to its consumers which creates problems and resulted into power outages. He said that without discipline any system cannot work, therefore, action would be taken against responsible in Discos.

Turkish Ambassador while addressing the ceremony said that like Zorlu, other Turkish companies are also investing in Pakistan. He said Turkey will join hands with Pakistan to help in the energy sector in Pakistan. During the visit of Turkish Prime minister last week, Turkey has ensured to help Pakistan in every sector to enhance bilateral and economic ties.

The representatives of Zorlu said that the project would be completed by December 2012. He thanked the Minister and CEO AEDB for providing support for achieving financial closing.

It may be mentioned that the Zorlu as the first wind power generation project in Pakistan has been recently recognized by Project Finance Magazine. Project Finance Magazine is a well known and widely read magazine by financiers, advisers, management consultants, people managing and developing projects globally and senior government officials. Project Finance Magazine has been in circulation for the last twenty years.

In recognition of its wind power project in Pakistan, Zorlu Enerji Pakistan has been honored to receive the highly prized "Middle East Renewable Deal of the Year" for 2011 by Project Finance Magazine. The prize distribution was held on 6th March in Dubai. This international recognition augured well for the government of Pakistan, AEDB and Zorlu Enerji. Alternative Energy Development Board (AEDB) played a crucial role in helping Zorlu Enerji to initiate and setup this project.

 

 

 

Project Finance Magazine offers 'Deals of the Year' awards annually in Africa, Europe, Latin America, North America, India and the Middle East. These were very highly prized awards and the recipients were selected after a thorough scrutiny of projects and their fulfilling the selection criteria. Attaining this prestigious award by Zorlu Enerji amply demonstrates the ease and security of investing in the renewable energy sector in Pakistan. This is fast becoming the most reliable and safe investment sector for foreign and local investors.