German Development Bank KfW will provide a grant of Rs. 844 million for the establishment of two Excellence Hubs in the field of Renewable Energy in Punjab.
The total estimated cost for the establishment of two Excellence Hubs in the field of Renewable Energy project is Rs. 1,117.403 million, which will be funded through a German grant and Provincial Annual Development Plan (ADP), official documents seen by the scribe reveals.
According to the documents, two Excellence Hubs in the field of Renewable Energy one each in the Lahore and Rawalpindi districts will be established under the project.
Out of the estimated cost of the project amounting to Rs. 1,117.403 million KfW German Development Bank, which is the sponsor of the project, will provide Rs. 844.346 Million, and the Provincial Government of Punjab will provide a share of Rs. 273.058 Million.
In order to secure the grant amount, the Financing Agreement between the Government of Pakistan and KFW Development Bank, Germany (Sponsor) will be signed soon, said the documents.
After which, a detailed agreement titled a Separate Agreement will be signed between Sponsor and Project Executing Agency (PRA) which is Provincial TEVTA.
The Government of Punjab will allocate its share amounting to Rs. 273.058 Million in the next ADP as a separate scheme and for the ongoing Fiscal Year Supplementary Grant for the project will be arranged for the purpose of initiation, the documents reveal.
In order to ensure that the objectives of the project be achieved in true letter and spirit, a Steering Committee will be constituted, headed by Secretary Govt. of the Punjab, Industry, Commerce, Investment, and Skills Development Department, Private Sector relevant Industry members from Tier-1 companies and other Stakeholders, the documents reveals.
