Energy project: NBP wins ‘Renewable Deal’ award

After completion, projects will contribute 100 megawatts of electricity to national power grid, says a press release.

KARACHI: National Bank of Pakistan has received the ‘Middle East Renewable Deal of the Year 2012’ award from Project Finance Magazine, a publication of Euromoney Plc, for its role in renewable energy projects, Foundation Wind Energy 1 and 2, the first such projects being developed with 100% Islamic financing.

After completion, the projects will contribute 100 megawatts of electricity to the national power grid, says a press release.

The transactions are valued at $250 million and sponsored by the Fauji Foundation, Fauji Fertilizer Bin Qasim, Tapal Group and Islamic Infrastructure Fund.

In addition to the role of lead arranger, NBP is also acting as an inter-creditor agent, project accounts bank and project monitoring bank for the transactions.

The transactions received the award on the basis of innovation, best practice, problem solving, risk mitigation, value for money and speed of delivery in financing.

Published in The Express Tribune, March 22^nd, 2013.

Like Business on Facebook to stay informed and join in the conversation.