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World Bank approves debt for 400 MW of solar in Pakistan

Source: World Bank (www.worldbank.org).

June 18 (Renewables Now) - The World Bank has approved a USD-100-million (EUR 86.2m) loan for the deployment of 400 MW solar power generation capacity in Pakistan’s Sindh province, the international financial institution announced on Thursday.

To be provided by the World Bank’s International Development Association, the loan matures in 30 years and has a grace period of five years. It will go for the Sindh Solar Energy Project, through which Pakistan aims to promote solar power production and improve electricity access in Sindh province. The project envisages the installation of both utility-scale and distributed generation photovoltaic (PV) plants, as well as solar home systems for 200,000 households.

The 400 MW of PV capacity will be installed by independent power producers (IPPs). Its addition will start with a 50-MW pilot project, which will be awarded through a competitive bidding process.

Separately, the bank said it has approved some USD 460.6 million in financing for a project that aims to expand economic activity between Pakistan and Afghanistan through upgrading the infrastructure along the Khyber Pass.

(USD 1.0 = EUR 0.862)

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Veselina Petrova is one of SeeNews Renewables most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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