The Asian Development Bank (ADB) will provide a Turkish company with a loan to fund the first privately owned wind farm in Pakistan, an ADB report said on Friday.
Zorlu Enerji Elektrik Uretim will use the $36.8 million loan to install wind turbines, increasing the output of its wind farm from six megawatts to 56.4 megawatts, it said.
Zorlu Enerji, listed on the Istanbul Stock Exchange, owns and operates Turkey’s largest wind farm.
After the second construction phase is over in 2012, the 56.4MW 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, it added.
The total cost of the project is $147 million with 30 per cent financing through the equity provided by Zorlu Enerji and the rest through US dollar-denominated loans from the ADB, the International Finance Corp, the ECO Trade and Development Bank and a Pakistani rupee loan from Habib Bank. The ADB loan will carry a tenure of 12 years with a two-year grace period.
Published in The Express Tribune, August 20th, 2011.