The Punjab Board of Investment and Trade (PBIT) and the Special Economic Zones Authority (SEZA) are to approve a 700-megawatt solar power project in Faisalabad on a priority basis, as stated by PBIT. According to Gwadar Pro, the Faisalabad Industrial Estate Development and Management Co. (FIEDMC) and PowerChina Jiangxi Electric Power Construction Co. (JEPCC) has already signed a memorandum to facilitate the setting up of a 700MW solar power plant for M3 Industrial City and Allama Iqbal Industrial City in Faisalabad. 

The PowerChina JEPCC is a subsidiary of PowerChina and Henan Zhonghui Electric Power Engineering and Consulting Co. According to the PBIT statement, Dr Rania Ahsan, a representative of Chinese state-owned firm Zhonghui Electric Power Engineering and Consulting Co., held a meeting with Chairperson SEZA S. M. Naveed to discuss matters relating to the approval of the company’s 700MW solar power project. CEO PBIT/Secretary SEZA, Jalal Hassan, DG PBIT Dr Suhail Saleem and RA-Facilitation Engr. Ayesha Khushboo also attended the meeting.

The Chairperson SEZA assured that the matters relating to the project will be resolved on a priority basis and meetings with  FIEDMC for the resolution of the matter will also be arranged as soon as possible. According to an earlier statement by the Federal Board of Investment (BoI), the provisionally-estimated total investment of the project is $630 million, wherein Chinese companies will come as financers, and the SEZ developer/FIEDMC will provide land on lease or will be an equity investment partner in the project.

Credit: Independent News Pakistan-INP