Buzdar chairs signing ceremony: Punjab Thermal Power, six banks consortium ink Rs100b agreement

LAHORE: Punjab Chief Minister Sardar Usman Buzdar chaired a ceremony of signing Rs100 billion financing agreement between the Punjab Thermal Power (Pvt) Ltd of 1263 megawatt capacity and a consortium of six banks at a hotel Thursday to generate 10 billion units every year. Provincial Finance Secretary Abdullah Sumbal signed the agreement.

Addressing the ceremony, the chief minister termed the agreement the largest sovereign guarantee in country’s history and congratulated provincial ministers Hashim Jawan Bakht, Dr Akhtar Malik and others. GSA and PPA agreements have been signed despite slackness in business activities due to corona onslaught, he maintained. The Punjab Thermal Power Plant will be speedily completed and electricity would be generated by the end of 2021, he added.

Meanwhile, the chief minister said 80 percent work is completed on RLNG-based Punjab Power Plant in Trimmu as installation of 93-kilometres-long gas pipeline and 48-k long transmission line projects have been completed. Similarly, the latest technology-based system has been installed in the Punjab Power Plant to generate cheap electricity. Due to payment in Pakistani rupees, the precious foreign exchange reserves would be saved along with a decrease in the production cost of the electricity, he maintained. This would help in bringing a substantial decrease in circular debt along with creating job opportunities for thousands of people. The Punjab government is giving attention to electricity generation through alternate sources keeping in view the less cost of electricity produced through solar, wind or hydropower plants, the chief minister said.

The chief minister said electricity was produced at the rate of Rs9.29 to Rs27.12 per unit in power plants installed in previous tenures. However, per unit cost of electricity generated through Punjab Thermal Power Plant would be Rs8.95 per unit, he added. More than two crore and 70 lakh units electricity has been generated by the hydropower projects installed in Pakpattan and Marala by the incumbent government, he said. Meanwhile, seven thousand government offices have been converted to solar energy, including 6991 primary schools and a DHQ hospital. By the mid of next year, the government will complete Chianwali and Deg-outfall hydropower projects, he announced. He further announced to early complete the conversion of 10861 schools and 2324 BHUs to solar energy. In addition to the installation of 1,000 megawatt capacity power plant in Rojhan, solar and biogas hydropower plants will also be installed in Vehari and Samundari, he added. The government is also vigorously pursuing the generation of 150 megawatt energy through waste-to-energy projects. Instead of expensive electricity generation, the chief minister maintained the incumbent government is giving attention to alternate energy sources and hydel power plants.

It has been planned to complete most of the energy projects through private sector for providing cheap electricity to the people facing issue of price-hike, he added. Punjab will not only be energy self-sufficient but would also provide electricity to other provinces, he added.

Energy Minister Dr Akhtar Malik said the journey of bringing real change is continuing and the change process in Punjab will be soon visible in the country. Energy Secretary also addressed the function. Provincial ministers Abdul Aleem Khan, Hashim Jawan Bakht, CM’s Special Assistant on Information Dr Firdous Ashiq Awan and parliamentarians were also present.