The International Finance Corporation (IFC), a member of the World Bank Group, is supporting Pakistan’s largest wind farm to the tune of roughly $238 million.
The project is meant to assist the country with severe energy shortages and contribute in a meaningful way towards the development of renewable energy. According to the press release, ‘Pakistan suffers from frequent power cuts that hamper social and economic development, and cost the country an estimated 2 percent of gross domestic product every year… This is the first time in Pakistan that a portfolio of three separate plants will be internationally financed by a single consortium, bringing further innovation to Pakistan’s project finance market.’
The wind farm, being developed by Triconboston Consulting Corporation will consist of three 50MW wind turbines and will be fully commissioned by the end of 2018, providing energy for approximately 600,000 households.
Triconboston CEO, Nadeem Abdullah said, “The new wind farm will generate reliable, clean energy at lower prices and help reduce pressure on the country’s power grid, while mitigating climate change,”
“It is 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.”
IFC’s director for the Middle East and North Africa region, Mouayed Makhlouf said, “IFC has been at the forefront of investing and mobilizing financing to support private sector participation in Pakistan’s power sector,”
“This is our fifth investment in wind power in the last three years in Pakistan. The project will also support Sapphire in their diversification strategy in renewables.”