A 50MW Foundation Wind Energy-II (Pvt.) Ltd. (FWEL-II) achieves financial closing.
The FWEL-II is one of the leading commercial wind power projects of Pakistan, developed under the facilitation of Alternative Energy Development Board (AEDB).
The papers were signed by Arif Alauddin on behalf of AEDB and Brig (Retd.) Dr Gulfam Alam on behalf of the FWEL-II.
The FWEL-II Wind Power project has 75:25 debt : equity financing structure. The equity is shared by Fauji Foundation, Fauji Fertilizer Bin Qasim, Tapal Group and Islamic Infrastructure Fund; whereas, the debt component is being financed as 67% by foreign banks (Asian Development Bank and Islamic Development Bank) and 33% by local banks (National Bank of Pakistan, Allied Bank of Pakistan and Meezan Bank Ltd.).
The financial arrangement for FWEL-II project has been made by Bridge Factor. M/s Nordex of Germany is the equipment supplier which would provide 20x 2.5 MW turbines (N 100/2500). The contract is an EPC one, which besides Nordex also includes a local company, M/s Descon.
CEO AEDB on the occasion said the project would serve as a model for other projects, as the pace of development of another 400-600 MW would get accelerated. These wind power projects that are expected to achieve Financial Close during the current year.
He said that the FWEL-II has opened vista for development in the Gharo, district Thatta, Sindh. The wind projects so far developed / being developed are all located in the Jhimpir area, and hence the achievement of the FWEL-II is being considered a leap forward in fast development in wind sector in the entire Gharo-Ketti Bandar Wind Corridor.
He said that two wind power projects