CDC invests $82m in Pakistani wind power project
The UK's CDC Group has signed an $82 million debt deal in a wind power project in Pakistan to help reduce the country’s dependence on fossil fuels.
The deal will fund 150MW of wind farms located in the Jhimpir area of the Sindh province. The project involves three separate schemes of 50MW each – two developed by Liberty Mills and one by Indus Group. CDC undertook the role of Mandated Lead Arranger for the US dollar debt of the projects.
The projects are part of a programme of 12 wind projects across Pakistan totalling 610MW, increasing the renewable energy generation capacity of Pakistan by 50% and providing clean, affordable power to the country at an average tariff of $4.5c/kWh, in comparison to the existing average wind project tariff of $11.0c/kWh.
The projects will avoid the equivalent to the average annual emissions of 130,000 people, or 0.06% of total of Pakistan’s annual domestic greenhouse gas emissions.
