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TransAct Energy to secure power projects, considering geothermal potential

Hot spring at the Karakoram highway, Pakistan (source: flickr/ Scott Christian, creative commons)
Alexander Richter 2 Dec 2010

Texas based TransAct Energy Corp enters consulting agreement with Australian firm on securing power projects in Pakistan, with a clear option for geothermal energy projects.

In a release, Texas based “TransAct Energy Corp. announced today it has entered a consulting agreement with an Australian based company working with TransAct to secure power projects in Pakistan. Under the terms of the agreement the consultant will negotiate and secure power projects in Pakistan earning 2% of the projects capital cost as their fee. The consulting group is now preparing to present TransAct with a development agreement in Pakistan. The location and details of this first project and the consultant will be disclosed after the signing.

Pakistan struggles with an enormous energy deficit and the drastic need for economic growth. The country has large untapped energy resources and needs outside developers to realize its energy potential. Pakistan, despite the enormous potential of its energy resources, remains energy deficient and has to rely heavily on imports of hydrocarbon products to satisfy its needs. Moreover, a very large part of rural areas do not have the electrification facilities because they are either too remote and/or too expensive to connect to the national grid.

Pakistan has a wide spectrum of high potential renewable energy sources, conventional and as well non-conventional. Many of them have not been adequately explored, exploited and developed, geothermal energy being one of them. Pakistan may benefit by harnessing the geothermal option of energy generation as substitute energy in areas where sources exist. Dr. Mory Ghomshei, who heads up the geothermal division of TransAct, has reviewed Pakistan’s geothermal prospects in the past and feels they are very strong for their energy future to come.

TransAct is well positioned to deliver on conventional, solar, biomass and geothermal power projects in Pakistan. “Being that we intend to position ourselves in neighboring India with technology licenses and manufacturing, it is natural to look for additional markets to flow our solar modules and fuel cells,” commented TransActs’ President Rod Bartlett. “There is a large population (180 Million) requiring affordable power in order to economically evolve. They have the resources, and we can provide the knowhow. ”

Source: Company release via Marketwatch