The Abraaj Group, a Dubai based investment group, announced it had bought a majority stake in a 50MW wind power project in Sindh, it has been learnt.
The project — which is part of the Jhimpir wind corridor — achieved financial close in August 2016 and is expected to commence operations in the first quarter of 2018, read a statement issued by Abraaj Group on Wednesday.
“The Jhimpir wind corridor is an established area for wind projects with 550MW of capacity already operational and a further 1GW under the construction and development phase,” it stated.
The project will be powered by General Electric (GE) wind turbines, with the Huadong Engineering Corporation appointed as the EPC contractor and GE providing the overall operations and maintenance for the project, it further revealed.
Commenting on the transaction, Managing Partner and Global Head of Abraaj’s Thematic Fund Business Sev Vettivetpillai said, “Our investment into the Jhimpir wind corridor marks our second transaction under Abraaj’s dedicated clean energy platform.”
“With a shortage of over 6,000MW and rising power consumption in Pakistan today, we are excited by the sheer size of the clean energy infrastructure opportunity, enabling government policies and the potential of the Jhimpir wind corridor,” Vettivetpillai was quoted as saying.
“The attractive renewable power policy framework implemented by the government has created a strong impetus for the private sector to invest in clean energy in Pakistan,” said Saad Zaman, Partner at The Abraaj Group.