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July 23, 2019

Sindh government, Kuwaiti company sign agreement for launching power projects

Karachi

July 23, 2019

The Sindh government and Kuwait’s EnerTech Holding Company on Monday signed a memorandum of understanding (MoU) to invest in the power sector of the province.

The Kuwaiti company in collaboration with the provincial government will liaise with all the relevant provincial and federal authorities to get the required approvals for the development of the projects.

Under the MoU, the Kuwaiti company will invest in waste-to-energy projects, starting with a 50MW power project in Karachi that is scalable upwards to a mutually agreed capacity, as well as in other municipalities of Sindh that are mutually identified and agreed for implementation.

They include a wind-solar hybrid power project augmented with gas generation to supply continuous power for the Dhabeji Economic Zone, starting with 50MW and scalable upwards.

Off-grid micro-grids for remote villages of the province that are mutually identified and agreed for implementation, and other projects related to clean energy will also be launched.

Under the agreement, the provincial government and the Kuwaiti company will develop strategic partnership in the investment memorandum to ensure that the projects are developed on the fast-track basis.

The broad steps to be undertaken include issuance of letters of intent for the projects by the relevant government agency or entity, and identification and procurement of land for the projects, for which the Sindh government will be responsible for providing EnerTech with land suitable for the development of the projects under long-term lease agreements in line with provisions of the policy of the government in vogue.

EnerTech will complete all the technical studies, including interconnection studies, geo-technical and topographical studies, environment impact assessment and feasibility studies. Under the MoU, the Sindh government will have an option to enter into an equity partnership with EnerTech against the land provided for the projects.

The provincial government and the relevant federal agencies will formulate a security plan in collaboration with EnerTech for the projects and the personnel associated with it.

All individual projects under this MoU will be governed by individual agreements and are subject to regulatory compliance and the coordination process between the parties. The investment in individual projects may include other possible investment partners, subject to provisions of the policy of the Sindh government in vogue.

EnerTech has appointed Yasser Malik as its key person who will coordinate the progress of the projects with the Government of Sindh. The signing was carried out by Investment Secretary Ahsan Mangi on behalf of the provincial government, while Abdullah AlMutairi, CEO of EnerTech Holding Company, signed the MoU on behalf of Kuwait. The ceremony was witnessed by Sindh Chief Minister Syed Murad Ali Shah.

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