Renewable energy: US provides financing for wind power project
Private investment body approves $95m in financing for project.
US Agency for International Development estimates that Pakistan possesses 132,000 MW of potential installed wind capacity. PHOTO: FILE
WASHINGTON:
The Board of Directors of the Overseas Private Investment Corporation (OPIC) has approved $95 million in financing for a wind power project poised to deliver much needed electricity to Pakistan.
The credit facility will help build a 50 Megawatt (MW) wind power plant in the Ghoro-Keti Bandar Wind Corridor in south-eastern Pakistan, designed to generate 133 Gigawatt hours of emission-free electricity annually.
A statement from OPIC which is a development finance institution for the US government, said that using General Electric Wind turbines the Sapphire Wind Power plant supports a mutual US-Pakistan goal to diversify Pakistan’s power generation beyond reliance on high-priced fuel oil by tapping Pakistan’s vast renewable energy potential.
“The provision of clean and reliable electricity is an essential building block of any economy,” said OPIC President and Chief Executive Officer Elizabeth L Littlefield.
A recent study funded by the National Renewable Energy Laboratory and the US Agency for International Development estimates that Pakistan possesses 132,000 MW of potential installed wind capacity, virtually equal to the world’s entire installed wind capacity for 2010.
Published in The Express Tribune, March 23rd, 2013.
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The Board of Directors of the Overseas Private Investment Corporation (OPIC) has approved $95 million in financing for a wind power project poised to deliver much needed electricity to Pakistan.
The credit facility will help build a 50 Megawatt (MW) wind power plant in the Ghoro-Keti Bandar Wind Corridor in south-eastern Pakistan, designed to generate 133 Gigawatt hours of emission-free electricity annually.
A statement from OPIC which is a development finance institution for the US government, said that using General Electric Wind turbines the Sapphire Wind Power plant supports a mutual US-Pakistan goal to diversify Pakistan’s power generation beyond reliance on high-priced fuel oil by tapping Pakistan’s vast renewable energy potential.
“The provision of clean and reliable electricity is an essential building block of any economy,” said OPIC President and Chief Executive Officer Elizabeth L Littlefield.
A recent study funded by the National Renewable Energy Laboratory and the US Agency for International Development estimates that Pakistan possesses 132,000 MW of potential installed wind capacity, virtually equal to the world’s entire installed wind capacity for 2010.
Published in The Express Tribune, March 23rd, 2013.
Like Business on Facebook to stay informed and join in the conversation.