VESTAS READY TO BRING WIND ENERGY TO PUNJAB

Lahore: 19^th February 2015 – A new frontier for wind energy in Pakistan was announced today, as leading representatives from the Government of Punjab and Vestas Wind Systems signed a Memorandum of Understanding (MoU) to support the development of wind power projects in the province.

A delegation of senior Vestas officials travelled to Pakistan to sign the MoU with high-ranking representatives from the Government of Punjab.  The signing ceremony took place at the Chief Minister’s residence, and was attended by the Chief Minister of Punjab, Shahbaz Sharif, and H.E. Jesper Moller Sorensen, Ambassador of Denmark to Pakistan.

Vestas, a Denmark-based wind turbine manufacturer internationally recognised as the global leader in wind energy, has been a first mover in Pakistan, having supplied turbines to one of the first commercial wind farms now in operation.  Following a meeting with the Chief Minister of Punjab, Mr. Shahbaz Sharif in June last year, Vestas has undertaken a detailed analysis of the wind resources in the Punjab province using its industry-leading Site Hunt^® technology.  This analysis has revealed potential for four large scale wind farm sites with a total installed generation capacity in the order of 800-1,000 MW. Speaking at the event, Gerard Carew, Vestas’ Vice President of Sales in Asia Pacific, explained that Pakistan is an emerging wind energy market where the company is ready to grow its presence:

“This ceremony marks another important step in our company’s growth in emerging markets.  Wind energy can play a major role in overcoming the energy crisis in Pakistan, and Vestas has the experience, knowledge, and products & services to deliver the necessary solutions. We are particularly excited to have identified large scale wind energy project opportunities in the Punjab province, and this MOU paves the way for us to further develop such projects with the Government’s support. ”

The Embassy of Denmark in Pakistan is keen to support renewable energy development in the country and also speaking at the ceremony, Ambassador Jesper Moller Sorensen, commented: “Pakistan is facing energy supply shortages, and I am happy to witness that active steps are being taken towards providing competitive and environmentally sustainable solutions to bridge the energy gap. Pakistan has a huge potential for wind energy and Denmark has long been a pioneer of wind energy. Vestas’ technical expertise and experience in realizing large scale wind farms could be a great contribution to the development of the Pakistani energy sector.”

Under the terms of the MOU, Vestas will manage early stage development activities at the identified project locations supported by the Government of Punjab. Through its network and interactions with renewable energy investors and financial institutions, Vestas will also help to facilitate project equity and debt financing for the projects with the assistance of the Embassy of Denmark.