ISLAMABAD: Turkish firm M/s Zorlu has shown interest in acquiring stakes in power Distribution Companies (Discos) especially in Lahore Electric Power Company (Lesco), well-informed sources told Business Recorder.
The federal government is already developing bidding documents of Discos, aimed at handing over to the respective provinces which have already conveyed their intentions to take them over with come conditions.
Privatisation Commission has nominated its senior Consultant (Energy) Salman Amin to facilitate Power Division as part of the team to develop bidding documents for engagements of transaction advisor for acquisition of Discos to provinces.
Sharing the details, sources said, during his recent visit to Turkiye, Prime Minister Shehbaz Sharif held a meeting with representatives of Zorlu Group, Dolsar Engineering, M/s Limak Group and Pak Yatirim and M/s Albayrak Group.
The Prime Minister invited the companies to explore further investment opportunities in Pakistan, and to consider participating in the bidding process to install 600 MW solar project.
According to sources, the company’s Chief Executive Officer (CEO) Sinan AK informed the Prime Minister that the company is seeking financial closure for 100 MW plant in Quaid-e-Azam Solar Park in the next two months. He also expressed Zorlu’s interest in investing in Discos, especially in Lahore.
Special Assistant to Prime Minister (Coordination), Tariq Fatemi, in a letter to Secretary Board of Investment (BoI) and Secretary Power requested to follow up on Zorlu’s interest to acquire Discos, as well as to encourage further investment in solar power plants.
He further proposed that an invitation to visit Pakistan may also be extended to M/s Zorlu and M/s Limak Group and Pak Yatirim, in coordination with relevant Ministries/Division and Pakistan’s Mission in Ankara.
Prime Minister also held a meeting with representatives of Albayrak Group. While expressing his regrets over the past experience of the company in the country, the Prime Minister invited the company to visit Pakistan and explore new avenues for investment, especially in solar energy.
During the meeting, the company’s CEO, Ahmet Albaryak highlighted the problem of outstanding dues, while still expressing the company’s interest in reinvesting this amount again in Pakistan. He also mentioned Albaryak Group’s plans for a joint venture with a Pakistani company to manufacture tractors.
The Prime Minister has desired that relevant authorities follow up on the outstanding amount of Albaryak Group, while concomitantly providing them with proposals to invest in new projects, such as CDA Waste Management and solar energy.
