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ADB $75 million loan for Pakistan’s largest wind energy farm

Staff Writer |
The Asian Development Bank (ADB) has approved a $75 million loan with Triconboston Consulting Corporation (TBCC) to support the development of the largest wind farm in Pakistan.

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The deal is ADB’s third wind energy investment in Pakistan’s burgeoning independent power producer segment.

Power from the project will be sold under a 20 year take-or-pay energy purchase agreement under a feed-in-tariff to Pakistan’s Central Power Purchasing Agency.

The three 50 megawatt (MW) wind farms, situated 100 kilometers northeast of Karachi at Jhimpir, will generate a total of 520 gigawatt-hours annually and are expected to be completed by March 2018.

The project sponsors include Sapphire Textile Mills, a leading local energy developer, and Bank Alfalah, Pakistan’s sixth largest bank by market share.

Pakistan has launched several initiatives to promote private sector participation in the country’s energy sector, with a concerted push to build up its renewable energy resources and to cut its heavy dependence on fossil fuels.

Power shortages are a major obstacle in Pakistan’s economic development, with demand for electricity outpacing supply.

ADB is Pakistan’s largest development partner in the energy sector with both sovereign and non-sovereign investments, including support for policy reforms.

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