International Finance Corp shells out $25.8M for wind farm in Pakistan
The International Finance Corporation (IFC) will pour $25.8 million into the construction of a new 50MW wind farm located in Sindh province, Pakistan. The project aims to match the demand for electricity in the country, according to New Energy World Network (NEW Net).
Metro Power chief executive officer (CEO) Danish Iqbal Alimohamed said: "We are excited to be helping alleviate Pakistan's energy deficit by providing sustainable and affordable renewable energy. Despite challenging market conditions in Pakistan's power sector, we are pleased with the support we have received from our shareholders, lenders, and the government of Pakistan that enabled us to reach this important milestone."
Metro Power is a firm owned by the Iqbal Alimohamed family. The company will use IFC's equity investment to launch the wind power project and address the energy deficit in the country. The economy has shrunk by 2% of its annual GDP due to the effect of unmet electricity demand on the living standards of people, the report explained.
The funding is part of the IFC's bigger campaign for infrastructure investments that will generate more jobs and reach smaller businesses. In 2013, the IFC had committed a $514-million investment in Pakistan, NEW Net reported.