$133m arranged to build 100MW wind farms
May 29th, 2012 | Technology Times | No Comments
STAFF REPORT KHI: Wind developers in Pakistan have raised $133 million in finance needed to press on with 100MW of capacity in the country.
The Islamic Development Bank (IDB) and Asian Development Bank, plus a consortium of local institutions, arranged the transaction under the Islamic finance terms.
The deal will allow co-developers the Fauji Foundation and Tapal Group to build two wind farms in Sindh.
The countrys National Transmission and Distribution Company (NTDC) has signed long-term agreements to buy the power produced, says the IDB.
“The Sindh wind farms are part of “the first-generation wind energy projects that Pakistan has embarked on”, adds the IDB.
The country hopes to install 1.5GW of wind capacity by the end of 2013 to help alleviate a serious national power shortfall that has sparked street protests in response to regular blackouts.
Industrial conglomerate Fauji Foundation last year signed a deal with German wind turbine-maker Nordex covering the supply of up to 250MW of capacity to projects in Pakistan.
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