HomeNewsIFC invests $450m in Pakistan’s six wind power projects

IFC invests $450m in Pakistan’s six wind power projects

The International Finance Corporation (IFC) has led the financing of a first-of-its-kind programme to build six wind power projects in Pakistan, named the Super Six, with a total investment of $450 million.

The programme aims to help deliver cleaner, cheaper power to meet the country’s critical demand for energy and reduce reliance on expensive imported fossil fuels.

Financing agreements for the landmark wind power programme were signed by IFC’s senior manager, Nadeem Siddiqui and private sector power developers at a special ceremony witnessed by Pakistan’s Prime Minister, Imran Khan and Federal Minister for Energy, Omar Ayub.

The Super Six plants, with a combined capacity of 310MW, will deliver among the lowest-cost power generation in the country to date.

They will be built in the #Jhimpir wind corridor in #Sindh province and will generate more than 1,000 gigawatt-hours of electricity annually, enough to power 450,000 homes.

The programme is also expected to lead to emission reductions of about 650,000 tons of CO2 per year.

All Super Six projects are being developed by domestic companies: ACT Group, Artistic Milliners (Private) Limited, Din Group, Gul Ahmed Group and Younus Brothers Group.

“The government is aiming to increase the non-hydro renewable energy share in the overall generation mix from 4 to 20% by 2025 and it is welcoming to see Pakistan’s local private sector behind these Super Six wind projects, supporting the government’s long-term objective to see more wind and solar in the country’s energy mix,” said Ayub.

“This additional clean power will help meet growing demand, reduce the average cost of electricity, and improve both reliability and security of supply,” IFC’s Vice President for Asia and Pacific, Nena Stoiljkovic said. “We hope this will send a strong signal to the private sector that the renewable energy market in Pakistan is viable and sustainable, as well as beneficial to the Pakistani people

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