- Press Releases
May 16 (Renewables Now) - The International Finance Corporation (IFC) is providing USD 66 million (EUR 60m) and mobilising another USD 172 million to support the construction of three 50-MW wind farms in Pakistan's Sindh province.
The facilities, which will make up Pakistan's largest wind power plant, will help tackle energy shortages and boost renewable energy development in the country, IFC, which a member of the World Bank Group, said last week.
The financing is being provided to Triconboston Consulting Corp, which is majority owned by Pakistani industrial group Sapphire Group. Triconboston CEO Nadeem Abdullah said the project is a "testament to Sapphire’s ambition to become a leading renewable power developer in Pakistan, after having already successfully commissioned our first 52.8-megawatt wind farm in 2015."
Mouayed Makhlouf, IFC's director for the Middle East and North Africa region, noted this is IFC's fifth investment in wind power in the last three years in Pakistan.
The plant is slated for full commissioning by the end of 2018. Other financiers include the Asian Development Bank, the Islamic Development Bank and DEG – Deutsche Investitions-und Entwicklungsgesellschaft, IFC said.
(USD 1 = EUR 0.912)