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IFC Supports Super Six Wind Projects in Pakistan

Power News - Published on Mon, 18 Nov 2019

Image Source: theasiantelegraph.net
World Bank Group IFC has led the financing of a first-of-its-kind program to build six wind power projects in Pakistan, named the Super Six, with a total investment of USD 450 million, to help deliver cleaner, cheaper power to meet the country’s critical demand for energy and reduce reliance on expensive imported fossil fuels. The Super Six plants, with a combined capacity of 310 MW, will deliver among the lowest cost power generation in the country to date. They will be built in the Jhimpir wind corridor in Sindh province and will generate more than 1,000 gigawatt hours of electricity annually, enough to power 450,000 homes. The program is also expected to lead to emission reductions of about 650,000 tons of CO2 per year. All Super Six projects are being developed by domestic companies: ACT Group, Artistic Milliners (Private) Limited, Din Group, Gul Ahmed Group and Younus Brothers Group.

As part of the program, IFC is providing a financing package of USD 320 million, comprising USD 86 million from its own account and USD 234 million mobilized from other lenders, which include Deutsche Investitions- und Entwicklungsgesellschaft (DEG, part of KfW Group of Germany), and local banks Bank Alfalah, Bank Al Habib and Meezan Bank.

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Posted By : Rabi Wangkhem on Mon, 18 Nov 2019
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