IFC invests in wind-power project in Pakistan

IFC invests in wind-power project in Pakistan

11:06 PM, 6th November 2011
IFC invests in wind-power project in Pakistan

 

ISTANBUL, TURKEY: IFC, a member of the World Bank Group, is investing $38.1 million in Zorlu Enerji Pakistan Ltd to support the construction of a landmark wind-power project in Sindh Province, Pakistan and increase the country’s renewable-energy generation capacity.

The 56.4 megawatt Zorlu Pakistan wind project is the first internationally financed wind-power development in Pakistan. The Asian Development Bank, ECO Trade and Development Bank and Habib Bank are also financing the $159 million project. When constructed, it is expected to be one of the first two commercial wind-power projects in Pakistan.

The project promotes south-south investment by supporting the entry of a Turkish power company in Pakistan. “Pakistan’s first wind-power plant project to be built with international finance was made possible by support from IFC. By demonstrating the viability of Pakistan’s local and renewable resources, this project is expected to have a considerable impact on the economy,” said Arif Ozozan, General Manager, Zorlu Energy.

“IFC’s partnership with Zorlu Enerji, enables us to extend additional support to the renewable-energy sector in Pakistan. We hope this project will stimulate interest of other investors in harnessing the country’s favourable wind resources,” said Gulrez Hoda, Infrastructure and Natural Resources (Eastern Europe, Middle East, North Africa), Director, IFC.

The project will help to alleviate Pakistan’s severe power deficit by developing an indigenous, renewable resource for power generation. It will also contribute to reducing the country’s reliance on imported fuel for power generation.

(C) WOC News

 

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