The International Finance Corporation (IFC) has decided to provide funds of $66m and muster a further amount of $172m to help in constructing the largest wind farm in Sindh according to the company’s handout published on Friday.
Triconboston Consulting Corporation has been enlisted and given the responsibility of building and also operating these three 50 megawatt wind farms in Sindh. IFC has been responsible for initiating and providing financing through private sector participation in the country’s power sector with a main focus on streamlining and balancing energy sources, reduce the electricity cost and decrease pollution by putting an end to usage of expensive fossil fuels. The group undertaking the project is majority owned by Sapphire Group which is among Pakistan’s leading industrial conglomerates with stakes in power and textile sectors. The Sapphire group has already been responsible for building the countries first wind farm having capacity of 52.8 megawatt in 2015.
This project is expected to be completed and commissioned by the end of 2018 and will ensure the provision of clean energy to almost 600,000 residential households. “The IFC has been at the forefront of investing and mobilizing financing to support private sector participation in Pakistan’s power sector,” said Mouayed Makhlouf , IFC’s director for the Middle East and North Africa region. This is our fifth investment in wind power in the last three years in Pakistan, he concluded. IFC has made investments of $5.6b in Pakistan, its second largest engagement ever in the Middle East and North Africa region.