IFC backs 50MW Pakistan wind
International Finance Corporation (IFC) will give $25.8m of backing to a 50MW wind farm in Sindh province, Pakistan, to be developed by Metro Power.
IFC, part of the World Bank Group, said it is making the debt and equity investment to tackle a growing power deficit in Pakistan, where about a third of the demand for electricity is unmet.
Metro Power – owned by the Iqbal Alimohamed family and InfraCo Asia Keenjhar Wind – will contribute 22.5% of the project cost.
The wind farm is expected to generate about 140GWh of electricity annually.
“Ensuring energy security in Pakistan is vital to improve infrastructure, support the private sector and create growth,” said Mouayed Makhlouf, IFC director for the Middle East and North Africa.