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.

Also read: Miracle of wind

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.”

Know more: Operation of Jhimpir wind turbines offers a ray of hope in power gloom

“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.

Opinion

Editorial

More ‘prior actions’
Updated 30 Jun, 2022

More ‘prior actions’

It is crucial that the IMF reconsiders its stance and releases the funds at the earliest to calm uneasy markets.
Growing power crisis
30 Jun, 2022

Growing power crisis

THE country’s escalating power crisis risks exacerbating the law-and-order situation as people take to the streets...
Attack on polio team
30 Jun, 2022

Attack on polio team

THE threat of deadly violence never seems to diminish for health workers and police officials involved in...
System imbalance
Updated 29 Jun, 2022

System imbalance

Sagging under the weight of internal weaknesses, the political system once again seems to be wobbling towards disequilibrium.
BRICS exclusion
29 Jun, 2022

BRICS exclusion

FOR Pakistan’s sustained economic progress, it is essential for the country to maintain strong linkages with...
Covid resurgence
29 Jun, 2022

Covid resurgence

PAKISTAN is facing yet another wave of Covid-19 infections, with health experts predicting a surge in...