British International Investment finishes 250 MW RE projects in Pakistan

May 20, 2022 06:26 PM ET
  • For Pakistan, the new projects are a welcome addition to the grid each time when power shortages are rampant across the country.
  • They will have an incorporated capacity of total of 250 MW supplied to the Pakistan national grid

British International Investment (BII) has said that renewable energy projects that have actually been sustained by it with funding for an aggregate capacity of 250 MW in Pakistan have actually been finished. Habib Yousuf, Country Director for Pakistan at BII and British Deputy High Commissioner to Karachi, Mike Nithavrianakis signed up with an event noting the occassion. The projects should be a welcome addition to the energy mix in Pakistan that is greatly distorted towards fossil fuels and also big Hydro. Both have actually been unforeseeable in recent months as a result of a funds crisis and severe warm, respectively.

The official statement of BII claims that a total of 4 RE projects have commenced procedures-- one solar power project as well as three wind energy. They will have an integrated capacity of overall of 250 MW supplied to the Pakistan national grid as well as power the matching of 440,000 household consumers.

The RE projects include the Atlas Solar PV project created by regional sponsor Atlas Group, in the province of Punjab. BII supplied a United States $28 million project finance investment to sustain the development of an added 100 MW of clean and affordable power. Habib Bank Limited and BII were joint Mandated Lead Arrangers on the project.

As far as the wind projects are concerned, 3 50MW wind farms are in Jhimpir Thatta District, of Sindh province-- 2 of which were established by Liberty Mills as well as one by Indus Group. BII spent $82 million across the three 150MW projects. BII states that this wind energy generation will displace fossil fuel-fired power by assisting to stay clear of 296,000 tonnes of CO2 emissions per annum by generation.

BII says that Pakistan is a concern investment market for its project finance offering and climate technique, which strongly concentrates on scaling renewable energy generation to aid satisfy the demand and also intake of clean, safe, as well as affordable energy across the country. Beyond renewable energy, its project finance team likewise intends to back other impactful infrastructure fields, including power transmission as well as circulation, and also water infrastructure.

Mike Nithavrianakis, stated, "The UK is committed to assisting countries transition to cleaner and greener resources of power. Pakistan has tremendous capacity in harnessing the wind and sun for its electricity needs and we will continue to work with our companions right here to make sure a brighter, lower emissions future for our planet. The UK is delighted to be supporting BII's collaboration with business entities in Pakistan in the renewables field."

Iain Macaulay, Director and Head of Project Finance, Africa and also Pakistan, BII, added, "As a DFI we stay committed to backing climate resilience and green development across our markets. These 4 renewable energy projects will certainly help to improve the standard of living in Pakistan and also boost the lives of thousands of hundreds of consumers."

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