Funding strategy devised for PEDO

PESHAWAR: The policy board has approved the business model for the Pakhtunkhwa Energy Development Organization (PEDO) to make the organization sustainable and profitable by minimizing dependency on the government exchequer for new projects funding.

The 7th meeting of the PEDO Policy Board was held here on Friday with Chief Minister Mahmood Khan in the chair, said an official handout. Additional Chief Secretary Shakil Qadir, Secretary Energy & Power, Muhammad Zubair, PEDO Chief Executive Officer, Naeem Khan, and other members of the board were there.

Under the business plan, a workable funding strategy has been devised for PEDO for arranging funds for its upcoming projects through various sources.

Besides taking other initiatives and interventions, PEDO will be allowed to retain the profit of its completed hydropower projects and invest the same in such schemes in the province for a certain period.

In the light of recommendations of the evaluation committee of PEDO, the policy board accorded conditional approval for issuance of no-objection certificates to the relevant construction companies for progress on the development of 215 MW Asrit-Kedam Hydropower and 496 MW lower Sapat Gah Hydropower projects.

In light of the endorsement of the management committee, the policy board allowed PEDO to proceed with hiring a planning consultant for Khyber Pakhtunkhwa Hydropower and Renewable Energy Development.

Talking on this occasion, the chief minister Mahmood Khan termed the approval of the business plan for PEDO as an important development and hoped that it would help make PEDO a profitable entity. He directed the PEDO officials to ensure physical progress on those projects as per the timelines.