The Asian Development Bank (ADB) has approved a $75m loan to Triconboston Consulting Corp to support the development of the largest wind power complex in Pakistan.
The unit of local manufacturer Sapphire Textile Mills plans to build three 50MW wind farms at Jhimpir near Karachi in partnership with Bank Alfalah, the ADB said.
The facilities are scheduled to be completed by March 2018.
They will sell electricity under 20-year take-or-pay power purchase agreements with Pakistan’s Central Power Purchasing Agency.
The deal is ADB’s third wind energy investment in Pakistan’s independent power producer segment, the lender said.
“This wind farm is a major contributor to Pakistan’s drive to scale up renewable energy use and to reduce its reliance on coal and petroleum for power generation,” ADB private sector operations investment specialist Mohammed Azim Hashimi said.
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