ISLAMABAD: The United Arab Emirates (UAE) will invest $2.5 billion to establish two coal power plants of 660 mega watts (MW) each at Gadani, ARY News has learnt.
A Memorandum of Understanding to this effect was signed between the PPIB (Ministry of Water and Power) and the Arab National Construction (ANC) in Islamabad on Wednesday.
Managing Director Private Power and Infrastructure Board‚ N.A. Zuberi and Vice Chairman Arab National Construction Holding Faris Tayeb Abdul Rahim Al-Baker signed the MoU.
The project of power plants with a generation capacity of 1320 mega watts will be completed in 3-year.
The signing ceremony was witnessed by Prime Minister Mian Mohammad Nawaz Shareef himself. He appreciated the power sector investment by the company in Pakistan by saying that it would help the country overcome the energy shortages.