ISLAMABAD - The Board of Directors of the Overseas Private Investment Corporation (OPIC) has approved a total of $288 million in financing for two wind power projects poised to deliver much-needed electricity to Pakistan and Peru.
Affirming OPIC’s commitment to support efforts by Pakistan, OPIC President and CEO Elizabeth L. Littlefield said, “The wind power projects will enable both countries to take advantage of their massive renewable energy potential to help meet unmet demand for electricity.”
“We are thrilled to partner with innovative US companies to bring these highly-developmental projects to realization. “The provision of clean and reliable electricity is an essential building block of any economy,” she added.
The OPIC credit facility would help build a 50MW wind power plant in Gharo-Ketti Bandar wind corridor, designed to generate 133 giga watt hours of emission-free electricity annually. Using GE wind turbines, the Sapphire Wind Power plant would help Pakistan diversify its power generation beyond reliance on high-priced fuel oil by tapping vast renewable energy potential, which the corridor alone possesses generation capacity of over 132,000 MW- virtually equal to the world’s entire installed wind capacity for 2010.
Established as an agency of the US Government in 1971, OPIC operates on a self-sustaining basis at no net cost to American taxpayers. OPIC services are available for new and expanding business enterprises in more than 150 countries worldwide. To date, OPIC has supported more than $200 billion of investment in over 4,000 projects, generated an estimated $75 billion in U.S. exports and supported more than 277,000 American jobs.
The wind is the single largest sector attracting record direct investment in Pakistan. Alternative Energy Development Board (AEDB) is expeditiously carrying out multi-directional activities to commence wind farm projects at wind potential sites. Private sector has been triggered to invest in wind power. Currently, 45 wind power projects of around 3200 MW capacity are under process.
Two projects of 49.5MW and 56MW (106 MW) belonging to M/s FFC Energy Limited and M/s Zorlu Enerji Pakistan have already been completed at Jhampir while another three projects namely Three Gorges First Wind Farm Pakistan Ltd., Foundation Wind Energy-I Ltd and Foundation Wind Energy -II Pvt. Ltd are under construction.