IFC funds 50MW Pakistan project

PAKISTAN: The International Finance Corporation (IFC) has invested in a new 50MW wind farm to be developed in Pakistan.

by David Weston 16 April 2014

Nordex's N100 2.5MW turbine is being used at Metro Power's development
The IFC has made a $25.8 million debt and equity investment to help the Metro Power Company develop the site, which will use Nordex wind turbines. The project will be built in the Sindh province, north-east of Karachi.

Metro Power is owned by the Iqbal Alimohamed family and InfraCo Asia Keenjhar Wind. The two owners will provide 22.5% of the project cost.

The Iqbal Alimohammed family is heavily involved in the country's wind energy sector — Danish Iqbal Alimohamed is currently president of the Pakistan Wind Energy Association and CEO of Metro Power.

The IFC says the investment is part of wider efforts in Pakistan to focus on mobilising investments in infrastructure, expanding access to smaller businesses and boosting job creation. The IFC committed $514 million to Pakistan in the 2013 fiscal year.

Last year, Pakistan added 50MW of installed capacity, taking its total to 106MW.