52.8MW wind farm starts commercial operations
Comprising of 33 state-of-the-art GE 1.6 XLE wind turbines, Master Wind Energy Limited’s (MWEL) 52.8MW wind farm commenced commercial operations on 13th October 2016 after successful completion of its 7-day Reliability Run Test.
Located in the ‘Wind Corridor’ in Sindh, the project is part of the government’s initiative to enhance power generation from clean and indigenous sources. The management of MWEL would like to take this opportunity to appreciate the joint efforts of Ministry of Water and Power, Alternative Energy Development Board, Department of Energy Government of Sindh, the National Electric Power Regulatory Authority, the National Transmission and Despatch Company Limited and Central Power Purchasing Agency (Guarantee) Limited in making this project possible and hopes that such admirable initiatives will be continued in the future.
The project has been financed with a 50:50 mix of local and foreign financing with the latter being secured solely through the Overseas Private Investment Corporation, a US Government development financial institution.
The local portion of financing was provided by Bank Al-Habib Limited, Meezan Bank Limited, Habib Metropolitan Bank Limited and the Bank of Punjab, equally.
The project is sponsored by Master Group, one of Pakistan’s oldest and most dynamic business groups of Pakistan.
The Group is most well-known for the ‘Moltyfoam’ mattress brand, but has diversified into a number of sectors including Textile, Automotive and Engineering. MWEL marks the Group’s first foray into the energy sector.
The Group is cognizant of Pakistan’s immense energy needs as a growing economy and intends to continue to invest in projects in this sector.