ISLAMABAD: The United States Overseas Private Investment Corporation (Opic) has approved a financing of up to $100 million to develop and operate a 50MW wind power project being set up in the Jhimpir wind pocket, some 100km northeast of Karachi.

The power project, being launched by an independent power producer ‘Hawa Energy’, will diversify the country’s power generation beyond reliance on high-priced fuel oil by tapping its vast wind energy potential.

The financing of wind power project was approved at the quarterly meeting of the Opic board of directors in Washington on Monday, according to information made available here on Thursday.

‘Hawa’ has been issued the letter of interest by the Alternative Energy Development Board, which has so far allocated land to 21 independent power producers in Jhimpir corridor, to develop the project.

Presently, the Hawa Energy project has secured and taken possession of the land, while the construction of the plant, which would take eight months, is expected to begin later this year.

The project is being developed under the upfront tariff policy which eliminates the need for the project to submit the tariff to the National Electric Power Regulatory Authority (Nepra).

Published in Dawn, June 20th, 2014