- Project finance team join Mike Nithavrianakis, British Deputy High Commissioner to Karachi, at residence, to welcome the projects’ start of operations
- The solar and wind energy projects are expected to generate 250MW of clean and affordable power to Pakistan’s national grid and serve approximately 440,000 consumers
- Projects demonstrate BII’s continued commitment to climate finance and contribute to UN SDGs 7, 8 and 13
Last week, Habib Yousuf – Country Director for Pakistan at British International Investment (BII), joined British Deputy High Commissioner to Karachi – Mike Nithavrianakis, at an event to celebrate the completion of four renewable energy projects which we have financed.
The event, which marked the start of the projects’ operation, was attended by BII’s Project Finance team along with senior representatives from the project sponsors, lenders, and advisors – Atlas Group, Faysal Bank Limited, Habib Bank Limited, Liberty Mills, and Indus Group.
The four projects – one solar and three wind energy – will add a combined total of 250 megawatts (MW) in clean and affordable power to the Pakistan national grid and supply power to the equivalent of 440,000 residential consumers. Moreover, the fully operational projects will help avoid the equivalent of 402,000 tonnes of CO2 emissions per year, displacing fossil-fired power. The projects include:
- Atlas Solar PV project developed by local sponsor Atlas Group, in the province of Punjab, Pakistan. BII provided a US $28 million project finance investment to support the development of an additional 100 MW of clean and affordable power. This clean energy will increase electricity supply to households, meeting the equivalent demand of approximately 113,700 residential consumers, and will help avoid 106,000 tonnes of CO2 emissions per annum. Habib Bank Limited and BII were joint Mandated Lead Arrangers on the project
- Pakistan wind power projects, which includes three 50MW wind farms in Jhimpir Thatta District, of Sindh Pakistan – two of which were developed by Liberty Mills and one by Indus Group. BII’s invested US $82 million across the three 150MW projects, which will increase households’ power supply by providing clean and affordable energy to approximately 326,000 residential consumers. Furthermore, this wind energy generation will displace fossil fuel-fired power by helping to avoid 296,000 tonnes of CO2 emissions per annum by generation. BII took on the role of MLA for the project alongside local lenders and co-MLAs, Faysal Bank Limited and Habib Bank Limited
Pakistan is a priority investment market for our project finance offering and climate strategy, which strongly focuses on scaling renewable energy generation to help meet the demand and consumption of clean, safe, and affordable energy across the country. Beyond renewable energy, our project finance team also aims to back other impactful infrastructure sectors, including power transmission and distribution, and water infrastructure.
Mike Nithavrianakis, British Deputy High Commissioner to Karachi, said: “The UK is committed to helping countries transition to cleaner and greener sources of energy. Pakistan has immense potential in harnessing the wind and sun for its electricity needs and we will continue to work with our partners here to ensure a brighter, lower emissions future for our planet. The UK is delighted to be supporting BII’s partnership with corporate entities in Pakistan in the renewables sector.”
Iain Macaulay, Director and Head of Project Finance, Africa and Pakistan, British International Investment, said: “I am proud that our patient and flexible capital is helping to deliver 250MW of safe, clean and affordable energy to households. As a DFI we remain committed to backing climate resilience and green growth across our markets. These four renewable energy projects will help to improve the standard of living in Pakistan and uplift the lives of hundreds of thousands of consumers. I am thrilled that my team and I can come together with our partners and with the Deputy High Commissioner, to celebrate the completion of these milestone projects that will boost Pakistan’s productive, sustainable and inclusive economic future.”
These newly operational projects are contributing to the United Nations Sustainable Development Goals (SDGs) on Affordable and Clean Energy (SDG 7), Decent Work and Economic Growth (SDG 8), and Climate Action (SDG 13).
British International Investment: Toyosi Adebayo | [email protected]