British International Investment (BII) on Thursday announced the completion of 250 MW of renewable energy capacity in Pakistan that the UK's development finance institution has financed.
An event was held last week to mark the start of operation of the projects -- a 100-MW photovoltaic (PV) park and three wind farms of 50 MW each.
BII provided USD 28 million (26.6m) of project finance to back the Atlas Solar PV project in the province of Punjab, developed by local company Atlas Group. BII and Habib Bank Ltd acted as joint mandated lead arrangers on the project.
BII also invested USD 82 million across the three wind projects, located in Jhimpir Thatta District of Sindh Pakistan. Two of them were developed by Liberty Mills and one by Indus Group. It partnered with local lenders Faysal Bank Ltd and Habib Bank Ltd.
The four projects are expected to add power to the Pakistan national grid that is equivalent to the needs of 440,000 residential consumers.
“The UK is committed to helping countries transition to cleaner and greener sources of energy. Pakistan has immense potential in harnessing the wind and sun for its electricity needs and we will continue to work with our partners here to ensure a brighter, lower emissions future for our planet,” said Mike Nithavrianakis, British Deputy High Commissioner to Karachi.
(USD 1 = EUR 0.950)
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