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

Updated 21 May, 2022

Band-aid measure

A more pronounced impact would have been possible had the cap on energy prices been removed.
21 May, 2022

Bilawal’s defence

BILAWAL Bhutto-Zardari’s robust defence at the UN headquarters of former prime minister Imran Khan’s Feb 24 trip...
21 May, 2022

Yasin Malik’s conviction

THE conviction of veteran Kashmiri freedom fighter and head of the Jammu Kashmir Liberation Front Yasin Malik by an...
Updated 20 May, 2022

TTP peace talks

ANOTHER attempt to sue for peace with the outlawed TTP is being made, again facilitated by the Afghan Taliban that...
20 May, 2022

Beyond the law

THE senior judiciary should take care not to overreach in its zeal to ‘fix’ issues it ideally need not worry...
20 May, 2022

Political musical chairs

YET another political crisis is brewing in Balochistan, where old rivals Jam Kamal Khan Alyani and Sardar Yar...