MONITORING REPORT MANILA: The Asian Development Bank will provide $36.8 million loan to help fund the first privately owned and financed wind farm in Pakistan. The power to be generated from the plant would help meet the country’s energy needs, and lower reliance on fossil fuels.
According to reports, Zorlu Enerji Electrik Uretim will use this loan to install wind turbines to increase the output of its wind farm located in southern Sindh from the current 6 megawatts to a total 56.4 megawatts.
“Acute energy shortages, caused by low investment, are cutting into Pakistan’s economic growth,” said Michael Barrow, Director in ADB's Private Sector Operations Department. “This deal should provide a bankable template for future privately funded wind projects” he said.
“We estimate that three to five projects will come on line following ADB’s support for Zorlu Enerji’s wind farm,” said Siddhartha Shah, Senior Investment Specialist in ADB's Private Sector Operations Department.
Zorlu Enerji, listed on the Istanbul Stock Exchange, owns and operates Turkey’s largest wind farm. It is 68% owned by Zorlu Holding AS, one of the largest conglomerates in Turkey.
The second construction phase of the project is complete – expected in 2012 – the 56.4 megawatt wind farm will supply power to the national grid through a 20-year take-or-pay power purchase agreement with the National Transmission and Dispatch Company.
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