CDC Invests $82 Million in Transformational Pakistani Wind Power Project
CDC Group, the UK’s publicly owned impact investor, has signed an $82 million debt deal in a wind power project in Pakistan that will reduce the country’s dependence on fossil fuels.
The deal will fund 150MW of wind farms located in the Jhimpir area of the Sindh province of Pakistan. The project involves three separate schemes of 50MW each – two developed by Liberty Mills and one by Indus Group.
The projects are part of a program of 12 wind projects across Pakistan totaling 610 MW, increasing the renewable energy generation capacity of Pakistan by 50 percent and providing clean, affordable power to the country at an average tariff of $4.5c/kWh, in comparison to the existing average wind project tariff of $11.0c/kWh.
The projects will avoid the equivalent to the average annual emissions of 130,000 people or 0.06 percent of the total of Pakistan’s annual domestic greenhouse gas emissions. In addition, they will add $19.1 million to the country’s GDP, support the creation of 6,260 indi..