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




Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News

FMC to acquire South Pole Biogroup in Chile

  PHILADELPHIA, US: FMC Corporation will acquire South Pole Biogroup Ltda, a Chilean-based natural colour and specialty nutrition ingredients ma ...

Read more
LyondellBasell prices $1 billion senior notes due 2021

  ROTTERDAM, NETHERLANDS: LyondellBasell Industries N V announced that it has priced its previously announced offering of $1billion aggregate pr ...

Read more
Could fish fossils help us better predict climate change?

MISSOURI, US: By measuring an element present in fish fossils, researchers at the University of Missouri may have found a key to better understanding ...

Read more
‘Artificial leaf’ makes fuel from sunlight

MASSACHUSETTS, US: Researchers led by MIT Professor Daniel Nocera have produced something they’re calling an “artificial leaf”: Like ...

Read more
Toyo bags energy optimization project at SABIC

TOKYO, JAPAN: Toyo Engineering Corporation was awarded an energy optimization project for one of Saudi Basic Industries Corporation’s (SABIC) ex ...

Read more
Jacobs acquires KlingStubbins in US

PASADENA, US: Jacobs Engineering Group Inc has acquired KlingStubbins in US and Asia. Jacobs’ acquisition of KlingStubbins, which has approximat ...

Read more
www.worldofchemicals.com uses cookies to ensure that we give you the best experience on our website. By using this site, you agree to our Privacy Policy and our Terms of Use. X