German company to set up 50 MW Solar Energy Project
February 7, 2010 Leave a comment
ISLAMABAD: AZUR Energy Group of Germany will set up a 50 MegaWatt Solar project in Pakistan and a feasibility report in this regard has already been formulated.
This was told by a German Energy Group delegation during a visit by the Board of Investment (BOI) on Wednesday.
The delegation also called on Minister of State and Chairman BOI Saleem H. Mandviwala and discussed investment opportunities in various sectors of the economy including the energy sector in Pakistan.
The chairman of AZUR Energy Group of Germany said that his company has already prepared a feasibility report and a ground survey is being conducted at Multan and Bahawalpur areas and negotiations for the acquiring of land for the project is also in progress.
He said that in the next step the AZUR Energy Group of Germany will bring solar energy technology in Pakistan.
Speaking on the occasion, Saleem H Mandviwala said that Pakistan is an ideal location for investment in various sectors including the energy sector.
He said that Pakistan has adopted a liberal investor friendly policy, broad features of which include, proactive facilitation and guarantees of equal treatment of both local and foreign investors, easy tariff structures and a liberal regime on repatriation of profits.
The minister also welcomed the German delegation and appreciated them for their interest in investing in Pakistan.
He highlighted the policy parameters of investment in Pakistan.
While stressing so he underlined the policy which allows 100 per cent foreign equity in the major sectors and full repatriation of profits and dividends in all the sectors.
It was further explained that the average rate of return is almost 30 per cent and in some cases up to 50 per cent.
A detail presentation on investment opportunities available in Pakistan was also made.
Saleem H Mandviwala also informed the delegation that currently Pakistan is facing power and energy shortage. This area provides a prime opportunity for German investors to look into. -APP